04:03 PM EDT, 08/05/2024 (MT Newswires) -- Health care stocks fell Monday with the NYSE Health Care Index down 2.9% and the Health Care Select Sector SPDR Fund (XLV) dropping 2.6%.

The iShares Biotechnology ETF (IBB) fell 2.8%.

In corporate news, BioNTech (BNTX) reported a wider-than-expected loss in Q2 as global sales of the German drugmaker's COVID-19 vaccine fell amid weak demand. The stock slumped 4.4%.

Moderna ( MRNA ) is facing "material headwinds" for its vaccines for respiratory syncytial virus and COVID, RBC Capital Markets said in a report. RBC downgraded Moderna ( MRNA ) to sector perform from outperform and cut its price target to $90 from $125. Moderna ( MRNA ) shares were falling 3.3%.

Rezolute ( RZLT ) shares rose 2.3% after the company obtained US Food and Drug Administration clearance for an investigational new drug application for a phase 3 trial of RZ358 to treat hypoglycemia in people with tumor hyperinsulinism.

Actinium Pharmaceuticals ( ATNM ) shares plunged 60% after the US Food and Drug Administration determined that a phase 3 trial of Iomab-B to treat relapsed or refractory acute myeloid leukemia isn't adequate to support a biologics license application.