01:32 PM EDT, 06/26/2024 (MT Newswires) -- Health care stocks were retreating Wednesday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) easing 0.2%.

The iShares Biotechnology ETF (IBB) fell 1.2%.

In regulatory news, the US Health and Human Services Department said some Medicare enrollees will pay less for 64 prescription drugs available through Medicare Part B. Since each drug company raised prices faster than the rate of inflation, the drugs will have a lowered Part B coinsurance rate from July 1 through Sept. 30, HHS said.

In corporate news, Novo Nordisk ( NVO ) shares fell 2.2% as it said Wednesday it will recognize an impairment loss of about 5.7 billion Danish krone ($816.2 million) in Q2 after its Clarion-CKD phase 3 trial failed to meet its primary endpoint.