01:32 PM EDT, 08/06/2025 (MT Newswires) -- Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each falling 1.3%.

The iShares Biotechnology ETF (IBB) shed 1.7%.

In corporate news, Novartis ( NVS ) has approached Avidity Biosciences ( RNA ) and expressed interest in a potential takeover to boost its pipeline of therapies for rare genetic disorders, the Financial Times reported. Novartis ( NVS ) shares were falling 3.4%, and Avidity jumped past 25%.