08:57 AM EDT, 07/02/2024 (MT Newswires) -- Health care stocks were retreating premarket Tuesday with the Health Care Select Sector SPDR Fund (XLV) down 0.6% and iShares Biotechnology ETF (IBB) 0.5% lower recently.

Ardelyx ( ARDX ) shares were down over 18% after the company said it decided against seeking to include its phosphate absorption inhibitor, Xphozah, in the Centers for Medicare and Medicaid Services' transitional drug add-on payment adjustment.