01:56 PM EDT, 10/17/2024 (MT Newswires) -- Health care stocks fell Thursday afternoon with the NYSE Health Care Index shedding 0.4% and the Health Care Select Sector SPDR Fund (XLV) down 0.3%.

The iShares Biotechnology ETF (IBB) was slightly up.

In corporate news, Elevance Health ( ELV ) slashed its full-year earnings outlook as the insurer's Q3 profit missed expectations amid challenges in the Medicaid business. The shares slumped more than 12%.

Tonix Pharmaceuticals ( TNXP ) shares surged more than 24% after the company said it received its first payment from the Defense Department's Defense Threat Reduction Agency.

Amicus Therapeutics ( FOLD ) shares jumped over 14% after the company said it agreed to settle its patent litigation against Teva Pharmaceuticals (TEVA). Teva shares were shedding 0.3%.