03:54 PM EDT, 10/29/2025 (MT Newswires) -- Health care stocks were lower late Wednesday afternoon, with the NYSE Health Care Index decreasing 0.8% and the Health Care Select Sector SPDR Fund (XLV) falling 1.1%.

The iShares Biotechnology ETF (IBB) shed 0.7%.

In corporate news, Co-Diagnostics ( CODX ) shares dropped 13% after it said Wednesday it closed a registered direct offering of 12.7 million shares that were priced at $0.55 each.

UnitedHealth's ( UNH ) near-term share valuation has largely priced in its prospects of an earnings recovery in 2027-2028, Deutsche Bank said in a report Wednesday. Deutsche downgraded the stock to hold from buy. UnitedHealth ( UNH ) shares were down 3.1%.

Thermo Fisher Scientific ( TMO ) shares were slightly higher after it said Wednesday that it agreed to acquire Clario from a shareholder group for $8.88 billion in cash plus potential additional earnouts and other payments linked to performance.

Eli Lilly ( LLY ) said Wednesday it is planning to invest over $1.2 billion in a manufacturing site in Puerto Rico to boost its capacity to make oral medicines. Its shares were down 1%.