01:40 PM EDT, 09/12/2024 (MT Newswires) -- Health care stocks were edging up Thursday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each up about 0.1%.

The iShares Biotechnology ETF (IBB) was shedding 0.2%.

In corporate news, Moderna ( MRNA ) shares tumbled 13% after the company said it plans to cut back on its research and development spending as it looks to save costs and prioritize the launch of new products already in the pipeline.