04:00 PM EDT, 08/07/2024 (MT Newswires) -- Health care stocks were lower late Wednesday afternoon, with the NYSE Health Care Index falling 1.3% and the Health Care Select Sector SPDR Fund (XLV) down 1%.

The iShares Biotechnology ETF (IBB) dropped 1.8%.

In corporate news, PetIQ ( PETQ ) shares surged nearly 48%. The company has agreed to be bought by Bansk for $31 per share in an all-cash deal valued at about $1.5 billion.

CVS Health ( CVS ) on Wednesday cut its full-year earnings outlook and reported an annual decline in Q2 profit amid continued headwinds in the company's health care benefits segment. Its shares fell 3%.

Amgen ( AMGN ) tightened its full-year earnings outlook as the company reported lower-than-expected Q2 profit amid higher operating expenses. Its shares dropped 5.2%.

Novo Nordisk ( NVO ) shares tumbled 8.4% after the company reported Q2 earnings and sales below consensus.