03:19 PM EDT, 08/28/2025 (MT Newswires) -- Health care stocks were lower late Thursday afternoon, with the NYSE Health Care Index shedding 0.6% and the Health Care Select Sector SPDR Fund (XLV) down 0.5%

The iShares Biotechnology ETF (IBB) decreased 0.4%.

In corporate news, Outlook Therapeutics ( OTLK ) shares tumbled 53% after it said Thursday the US Food and Drug Administration issued a complete response letter to its resubmitted biologics license application for ONS-5010 to treat wet age-related macular degeneration. The regulator cited a lack of substantial evidence of effectiveness, noting the therapy failed to meet the primary endpoint for effectiveness in a study, Outlook Therapeutics ( OTLK ) said.