01:57 PM EDT, 03/13/2024 (MT Newswires) -- Health care stocks were softer Wednesday afternoon, with the NYSE Health Care Index 0.2% lower and the Health Care Select Sector SPDR Fund (XLV) down 0.1%.

The iShares Biotechnology ETF (IBB) rose 0.3%.

In corporate news, the US Food and Drug Administration's staff on Wednesday raised concerns about whether the cancer cell therapies of Johnson & Johnson ( JNJ ) and Bristol Myers Squibb ( BMY ) would benefit adult patients with myeloma, a type of blood cancer, due to higher rate of early deaths in their respective late-stage trials, according to briefing documents. Johnson & Johnson ( JNJ ) shares were down 0.5% and Bristol Myers Squibb ( BMY ) was shedding 1%.

CorMedix ( CRMD ) provided "consistent" updates on the launch of its catheter lock solution DefenCath during its Q4 call and the management remains encouraged by its commercial opportunity, RBC Capital Markets said in a note emailed Wednesday. RBC maintained its outperform, speculative risk rating on CorMedix ( CRMD ) stock and cut the price target to $9 from $10. CorMedix ( CRMD ) shares jumped 13%.

Cybin ( CYBN ) said Wednesday that the Food and Drug Administration has granted breakthrough therapy designation to CYB003, its psychedelic-based drug to treat major depressive disorder. Cybin ( CYBN ) shares added 0.4%.