03:40 PM EDT, 08/07/2024 (MT Newswires) -- Health care stocks were lower late Wednesday afternoon, with the NYSE Health Care Index falling 1.3% and the Health Care Select Sector SPDR Fund (XLV) down 0.9%.

The iShares Biotechnology ETF (IBB) dropped 1.5%.

In corporate news, PetIQ ( PETQ ) shares surged nearly 48%. The company has agreed to be bought by Bansk for $31 per share in an all-cash deal valued at about $1.5 billion.