01:53 PM EDT, 10/02/2024 (MT Newswires) -- Health care stocks were decreasing Wednesday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) easing 0.1%.

The iShares Biotechnology ETF (IBB) shed 0.2%.

In corporate news, Humana (HUM) shares tumbled past 13% after Leerink Partners and Stephens downgraded the stock following the company's disclosure about declining enrollment in top-rated Medicare Advantage plans.

Eagle Pharmaceuticals ( EGRX ) shares plunged 34% after it said in a filing that it's in default under a credit agreement after failing to meet certain reporting requirements, and is discussing the matter and related issues with lenders.

Verrica Pharmaceuticals ( VRCA ) shares sank 10%. The company said Wednesday it is restructuring its sales and operating teams to cut costs and expand access to Ycanth to treat molluscum contagiosum. The restructuring is expected to lower the company's overall cost structure by 50% while maintaining adequate resources to back its primary product, Ycanth.