03:57 PM EST, 02/26/2025 (MT Newswires) -- Health care stocks fell late Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both shedding 0.7%.

The iShares Biotechnology ETF (IBB) dropped 0.6%.

In corporate news, Renovaro ( RENB ) shares surged 50% after the company agreed to merge with AI-driven drug discovery company BioSymetrics.

Geron ( GERN ) shares tumbled 32% after it reported a wider-than-expected net loss in Q4.

Enveric Biosciences ( ENVB ) shares soared 92%. The company said late Tuesday it received a US patent covering mescaline derivative compounds with potential applications in addiction and neuropsychiatric disorders.

Eli Lilly ( LLY ) on Wednesday outlined a plan to invest at least $27 billion to build four new pharmaceutical manufacturing sites in the US. Its shares rose 1.7%.