03:34 PM EDT, 05/13/2025 (MT Newswires) -- Health care stocks were falling late Tuesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each dropping 2.6%.

The iShares Biotechnology ETF (IBB) was shedding 1.7%.

In corporate news, Affimed ( AFMD ) shares tumbled 80% after it said Tuesday it decided to apply to open insolvency proceedings with the local court of Mannheim, Germany.