01:40 PM EDT, 10/03/2024 (MT Newswires) -- Health care stocks were declining Thursday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding 0.9%.

The iShares Biotechnology ETF (IBB) fell 1.3%.

In corporate news, Humana's (HUM) loss of leading position in Medicare Advantage star ratings is likely to delay margin recovery and create a revenue headwind of over 3.5% to Medicare, BofA Securities said in a note. BofA downgraded the company to underperform from neutral and lowered its price objective to $247 from $376. Humana shares dropped 2.3%.