03:53 PM EDT, 03/18/2024 (MT Newswires) -- Health care stocks edged higher late Monday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each adding 0.1%.

The iShares Biotechnology ETF (IBB) decreased 0.1%.

In corporate news, Amylyx Pharmaceuticals' ( AMLX ) shares sank 11% as Mizuho downgraded its rating to neutral from buy following negative results from a phase 3 trial and slashed the company's price target to $4 from $32.

Bluebird Bio ( BLUE ) shares added 3.2% after it said Monday it has entered into a $175 million five-year, term loan facility with Hercules Capital.

Abeona Therapeutics ( ABEO ) shares tumbled 19% after the company posted a wider-than-expected 2023 net loss. The firm also said the US Food and Drug Administration issued a Form 483 with observations related to process controls following the completion of a pre-license inspection of its manufacturing facility for pz-cel.

AstraZeneca ( AZN ) shares dropped 0.7% after the company said eligible patients won't have to pay more than $35 a month for its US inhaled respiratory medicines, starting June 1.