01:40 PM EST, 03/05/2024 (MT Newswires) -- Health care stocks were declining Tuesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding 0.7%.

The iShares Biotechnology ETF (IBB) fell 0.8%.

In corporate news, Apogee Therapeutics ( APGE ) shares jumped 47% after the drugmaker issued initial results from the phase 1 trial of APG777, prompting a price target raise by Wedbush.