01:37 PM EDT, 05/16/2024 (MT Newswires) -- Health care stocks were easing Thursday afternoon, with the NYSE Health Care Index decreasing 0.1% and the Health Care Select Sector SPDR Fund (XLV) fractionally lower.

The iShares Biotechnology ETF (IBB) were down 0.2%.

In corporate news, Biogen (BIIB) and Ionis Pharmaceuticals (IONS) said they would cease development of BIIB105 after a phase 1/2 study showed the investigational ALS drug did not slow disease progression. Biogen shares dropped 2.5% and Ionis tumbled almost 6%.