01:58 PM EDT, 03/20/2024 (MT Newswires) -- Health care stocks were in the red Wednesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding 0.7%.

The iShares Biotechnology ETF (IBB) fell 0.8%.

In corporate news, BioNTech (BNTX) shares dropped more than 5% after the company reported Q4 earnings and revenue that missed estimates by analysts and forecast a revenue decline this year.

Design Therapeutics ( DSGN ) shares jumped over 11%. The biopharmaceuticals firm reported a smaller-than-expected Q4 net loss a day earlier and outlined progress with its prospective treatment for Friedreich Ataxia that analysts at RBC Capital Markets said provides the company with a "compelling second shot" at eventually bringing the genetic therapy to market.

LivaNova ( LIVN ) shares gained more than 10% after the company said its clinical study evaluating the Aura 6000 device for sleep apnea has a more than 97.5% chance of meeting its primary endpoint.