03:42 PM EDT, 06/28/2024 (MT Newswires) -- Health care stocks were retreating late Friday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.4%.

The iShares Biotechnology ETF (IBB) fell 1%.

In corporate news, Accolade (ACCD) shares plunged 44% as Morgan Stanley halved the company's price target to $6 from $12 while keeping its equal-weight rating. Truist cut its price objective to $9 from $14 but maintained the buy rating. Late Thursday, Accolade reported a narrower-than-expected fiscal Q1 loss and higher-than-forecast sales. However, its guidance for Q2 and full-year sales missed the average analyst estimates compiled by Capital IQ.