03:58 PM EDT, 09/20/2024 (MT Newswires) -- Health care stocks were declining late Friday afternoon, with the NYSE Health Care Index down 0.8% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.4%.

The iShares Biotechnology ETF (IBB) fell 1.1%.

In corporate news, Apellis Pharmaceuticals ( APLS ) is unlikely to see a significant boost in sales, Wedbush said Friday, after the drugmaker's bid to win marketing approval in Europe for its Syfovre medication was again stymied. Wedbush cut the company's price target to $35 from $41 and reiterated the neutral rating. Apellis shares tumbled past 12%.

Corbus Pharmaceuticals ( CRBP ) shares plunged 63% as Wedbush cut its price target on the company to $51 from $85 while keeping its outperform rating.

Novo Nordisk ( NVO ) shares dropped 5.3% after the company said a phase 2a trial of monlunabant in obesity showed that all doses achieved a "statistically significant" weight loss, but reports of mild to moderate neuropsychiatric side effects were "more frequent and dose-dependent" with the investigational drug compared with placebo.

Cardinal Health ( CAH ) agreed to buy Integrated Oncology Network for $1.12 billion in cash, as part of its efforts to boost its specialty and oncology portfolio. Cardinal shares were adding 0.9%.