03:39 PM EDT, 06/17/2024 (MT Newswires) -- Health care stocks dropped late Monday afternoon with the NYSE Health Care Index down 0.4% and the Health Care Select Sector SPDR Fund (XLV) eased 0.1%.

The iShares Biotechnology ETF (IBB) fell 0.6%.

In corporate news, Aerovate Therapeutics ( AVTE ) shares plunged 93% after the company said its AV-101 drug candidate failed to meet its primary endpoint in a phase 2b trial.