01:52 PM EDT, 09/12/2024 (MT Newswires) -- Health care stocks were edging up Thursday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each up about 0.1%.

The iShares Biotechnology ETF (IBB) was shedding 0.1%.

In corporate news, Moderna ( MRNA ) shares tumbled 12% after the company said it plans to cut back on its research and development spending as it looks to save costs and prioritize the launch of new products already in the pipeline.

Oncternal Therapeutics' ( ONCT ) shares plunged 58% after the company said it has decided to discontinue its clinical studies, all product development activities, cut some staff and explore strategic alternatives.

Summit Therapeutics ( SMMT ) shares jumped past 21% after it raised $235 million from the sale of about 10.4 million shares at $22.70 apiece.