03:56 PM EST, 12/17/2024 (MT Newswires) -- Health care stocks were edging lower in late Tuesday afternoon trading, with the NYSE Health Care Index shedding 0.1% and the Health Care Select Sector SPDR Fund (XLV) down 0.2%.

The iShares Biotechnology ETF (IBB) rose 0.3%.

In corporate news, Lipocine ( LPCN ) shares popped 4.2% after its LPCN 1148 received fast-track designation from the US Food and Drug Administration to treat sarcopenia in people with decompensated cirrhosis.

Reviva Pharmaceuticals ( RVPH ) shares plunged 39%. The company said late Monday it priced an offering of 12 million shares along with series A warrants and series B warrants at $1.50 per share and accompanying warrants for gross proceeds of about $18 million.

Pfizer ( PFE ) shares gained 4.6%. The company projected higher earnings for 2025 and revenue in line with this year's likely results on "disciplined execution" and cost cuts.

Teva Pharmaceutical Industries ( TEVA ) shares surged 25% after the company's co-developed drug duvakitug was found to benefit people with inflammatory bowel disease. Teva's US affiliate and Sanofi ( SNY ) said a phase 2b study on duvakitug met primary endpoints in people with ulcerative colitis and Crohn's disease. Sanofi ( SNY ) shares jumped 7%.