03:53 PM EDT, 10/03/2024 (MT Newswires) -- Health care stocks were declining late Thursday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each dropping 0.9%.

The iShares Biotechnology ETF (IBB) fell 1.5%.

In corporate news, Theriva Biologics ( TOVX ) shares surged 37.1% after it obtained a recommendation to proceed with its trial of SYN-004 in allogeneic hematopoietic cell transplant recipients for the prevention of acute graft-versus-host-disease.

Elevai Labs ( ELAB ) shares soared 54% after saying that its Elevai Biosciences subsidiary filed two patent applications for its lead candidate, EL-22, to treat muscle loss in obese patients.

Humana's (HUM) loss of leading position in Medicare Advantage star ratings is likely to delay margin recovery and create a revenue headwind of over 3.5% to Medicare, BofA Securities said in a note. BofA downgraded the company to underperform from neutral and lowered its price objective to $247 from $376. Humana shares dropped 2%.

Hims & Hers Health ( HIMS ) shares tumbled past 10% in recent trading, a day after the US Food and Drug Administration said that a shortage of tirzepatide injection has been resolved. Hims & Hers and other generic drugmakers are allowed to sell versions of FDA-approved drugs when they are in shortage.