Healthcare stocks declined Friday afternoon, with the NYSE Healthcare Index falling 0.9% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 0.8%.

The iShares Biotechnology ETF (IBB) dropped 2.5%.

In corporate news, Aardvark Therapeutics (AARD) shares fell 31% after the firm said the US Food and Drug Administration placed a full clinical hold on its investigational new drug application for ARD-101. Morgan Stanley downgraded the stock to underweight from equalweight, and BTIG to neutral from buy.