03:56 PM EDT, 05/06/2025 (MT Newswires) -- Health care stocks declined late Tuesday afternoon, with the NYSE Health Care Index falling 2.6% and the Health Care Select Sector SPDR Fund (XLV) dropping 2.7%.

The iShares Biotechnology ETF (IBB) slumped 5.7%.

In sector news, the US Food and Drug Administration said Tuesday it plans to expand its use of surprise inspections at foreign facilities that make food, essential medicines, and other medical products for US consumers.

In corporate news, NuCana ( NCNA ) shares tumbled 66% after it priced a $7 million registered direct offering.

Heron Therapeutics ( HRTX ) shares jumped past 13% after the firm said it reached a settlement agreement with Viatris' ( VTRS ) Mylan Pharmaceuticals to resolve patent litigation over the Cinvanti and Aponvie injectable emulsions. Viatris ( VTRS ) lost 0.8%.

Beam Therapeutics ( BEAM ) shares tumbled nearly 20% after it reported a wider Q1 loss compared with a year earlier.

Philips (PHG) shares fell 5.9% after it reported flat Q1 adjusted earnings per share, while sales declined.