02:11 PM EDT, 08/28/2024 (MT Newswires) -- Health care stocks were lower Wednesday afternoon, with the NYSE Health Care Index easing 0.1% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.3%.

The iShares Biotechnology ETF (IBB) rose 0.1%.

In corporate news, Avadel Pharmaceuticals ( AVDL ) shares fell 6.2% in recent trading after the company scored a partial victory in a legal fight with Jazz Pharmaceuticals ( JAZZ ) over Avadel's bid to commercialize its Lumryz medication for the treatment of excessive daytime sleepiness in adults with narcolepsy. Jazz shares added 0.2%.

UTime ( WTO ) said Wednesday it has signed an agreement with Bowen Therapeutics for the purchase of Bowen's laboratory at UMASS Medical School. UTime ( WTO ) shares plunged past 95%.

Immix Biopharma ( IMMX ) on Wednesday announced the inclusion of three more clinical trial sites in the US for its Nexicart-2 trial on relapsed/refractory AL amyloidosis. Its shares were shedding 0.5%.