03:52 PM EDT, 09/03/2025 (MT Newswires) -- Health care stocks retreated late Wednesday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.6%.

The iShares Biotechnology ETF (IBB) was easing 0.3%.

In corporate news, the Florida Department of Health, in partnership with Governor Ron DeSantis, is taking steps to end all vaccine mandates in the state, Bloomberg reported, citing Surgeon General Joseph Ladapo. Moderna ( MRNA ) and Pfizer ( PFE ) fell 1.5% and 0.9% respectively.

Candel Therapeutics ( CADL ) shares dropped nearly 15% after BofA Securities lowered its rating on the stock to neutral from buy.

Xencor ( XNCR ) shares were falling 2.8% after BofA Securities downgraded the stock to neutral from buy.

Wave Life Sciences ( WVE ) said Wednesday that its experimental RNA-editing therapy WVE-006 achieved "durable" production of serum AAT protein at levels linked to a lower risk of alpha-1 antitrypsin deficiency liver and lung diseases after repeat 200 mg doses in a phase 1b/2a trial. Development rights for WVE-006 will transfer to GSK (GSK) after the current study is completed, the company said. Wave Life shares fell 18% while GSK was adding 1.3%.