01:52 PM EDT, 07/01/2024 (MT Newswires) -- Health care stocks were declining Monday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.6%.

The iShares Biotechnology ETF (IBB) fell 0.5%.

In corporate news, Tracon Pharmaceuticals ( TCON ) said Monday it's ending further development of envafolimab after a pivotal trial failed to meet the primary endpoint needed to support a biologics license application. The company said it's exploring strategic alternatives, which may include a merger, acquisition, other business combination, sales of assets, licensing or other deals. Its shares tumbled 6.3% in recent trading.