04:04 PM EDT, 05/08/2025 (MT Newswires) -- Health care stocks declined late Thursday afternoon, with the NYSE Health Care Index shedding 0.8% and the Health Care Select Sector SPDR Fund (XLV) decreasing 0.9%.

The iShares Biotechnology ETF (IBB) rose 0.1%.

In corporate news, Verastem ( VSTM ) shares climbed 4.1%. The company was granted accelerated approval from the US Food and Drug Administration for the Avmapki Fakzynja Co-pack to treat patients with KRAS-mutated, recurrent low-grade serous ovarian cancer.

Keros Therapeutics ( KROS ) shareholder ADAR1 Capital Management, which owns 13.3% of the company's outstanding shares, said Thursday it issued a letter to stockholders, expressing concerns about Keros' underperformance, unfocused strategy, and capital allocation decisions. Keros shares rose 2.2%.

Merck ( MRK ) unit (MRK) Merck Animal Health and Kansas Governor Laura Kelly announced an $895 million expansion of the company's plant in De Soto, Kansas. Merck ( MRK ) shares fell 1.9%.

Novavax ( NVAX ) shares jumped past 11%. The company posted Q1 net income of $2.93 per diluted share versus the net loss of $1.05 a year earlier.