04:02 PM EDT, 06/12/2024 (MT Newswires) -- Health care stocks were softer late Wednesday afternoon, with the NYSE Health Care Index decreasing 0.3% and the Health Care Select Sector SPDR Fund (XLV) down 0.1%.

The iShares Biotechnology ETF (IBB) rose 0.8%.

In corporate news, Ultragenyx Pharmaceutical ( RARE ) shares popped 8.6% and Mereo BioPharma ( MREO ) jumped 9.1% in recent Wednesday trading, a day after the companies said setrusumab was found to benefit patients with a genetic bone disorder.

Palatin Technologies ( PTN ) shares gained 5.7% after it said Wednesday it has started a phase 2 trial to assess the safety and efficacy of bremelanotide, a melanocortin 4 receptor agonist, administered alongside tirzepatide, for treating obesity.

Avidity Biosciences ( RNA ) shares soared 32.5% after the firm said that initial results from its phase 1/2 study of its experimental drug AOC 1020 to treat rare muscle disease facioscapulohumeral muscular dystrophy showed a greater than 50% reduction in DUX4-regulated genes.

Perspective Therapeutics ( CATX ) shares spiked 6%. The firm expects to join the Russell 3000 Index July 1.