03:58 PM EDT, 05/02/2024 (MT Newswires) -- Health care stocks fell late Thursday afternoon with the NYSE Health Care Index down 0.6% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.2%.

The iShares Biotechnology ETF (IBB) rose 0.8%.

In corporate news, Emergent Biosolutions ( EBS ) shares surged 68%, a day after the company reported a swing to a Q1 adjusted profit and higher revenue.

Moderna ( MRNA ) reported a smaller-than-expected loss for Q1, while affirming its full-year revenue outlook. The stock jumped 12%.

Novo Nordisk ( NVO ) raised its full-year sales growth outlook after the Danish drugmaker's topline exceeded Wall Street's expectations, buoyed by robust demand for its diabetes and obesity treatments. The stock fell 4.1%.

Novartis ( NVS ) agreed to buy preclinical-stage biotech company Mariana Oncology in a deal valued at up to $1.75 billion. Novartis ( NVS ) shares were down 0.3%.