01:52 PM EDT, 07/18/2024 (MT Newswires) -- Health care stocks fell Thursday afternoon with the NYSE Health Care Index dropping 2.1% and the Health Care Select Sector SPDR Fund (XLV) down 1.7%.

The iShares Biotechnology ETF (IBB) shed 0.8%.

In corporate news, Abbott Laboratories ( ABT ) reported bigger-than-expected increases in Q2 results amid revenue growth in medical device and nutrition, and the company raised its full-year earnings forecast. The shares fell 3.7%.

Novartis ( NVS ) reported Q2 core earnings of $1.97 per diluted share, up from $1.67 a year earlier. Four analysts polled by Capital IQ expected $1.86. The shares slumped 4.6%.

Agenus ( AGEN ) shares plunged 58% after the US Food and Drug Administration advised against an accelerated approval pathway for the company's potential colorectal cancer combination treatment.