02:01 PM EDT, 08/26/2024 (MT Newswires) -- Health care stocks were lower Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) shedding 0.1% each.

The iShares Biotechnology ETF (IBB) was down less than 0.1%.

In corporate news, McKesson (MCK) on Monday agreed to buy a controlling stake in the business and administrative services division of Florida Cancer Specialists & Research Institute, a privately held operator of cancer clinics, to boost its oncology portfolio. McKesson shares were shedding 0.7%.

Rhythm Pharmaceuticals ( RYTM ) shares jumped nearly 7%. The company said Monday the US Food and Drug Administration has accepted its supplemental new drug application for Imcivree to treat obesity due to Bardet-Biedl syndrome or pro-opiomelanocortin in children as young as 2 years old.

Guardant Health ( GH ) shares tumbled past 10% after the company said it agreed to an open market sale of common shares for up to $400 million.