09:11 AM EDT, 07/02/2024 (MT Newswires) -- Health care stocks were leaning lower premarket Tuesday with the Health Care Select Sector SPDR Fund ( XLV ) down 0.6% and the iShares Biotechnology ETF ( IBB ) recently declining by 0.5%.

Ardelyx ( ARDX ) shares were down over 18% after the company said it decided against seeking to include its phosphate absorption inhibitor, Xphozah, in the Centers for Medicare and Medicaid Services' transitional drug add-on payment adjustment.

Cartesian Therapeutics ( RNAC ) said it secured about $130 million through a private investment in public equity financing. Cartesian Therapeutics ( RNAC ) shares fell by over 17% pre-bell.

Novo Nordisk ( NVO ) and Eli Lilly ( LLY ) are charging "unconscionably" high prices for their prescription drugs, President Joe Biden and Sen. Bernie Sanders (I, Vt.) said in a joint op-ed in USA Today. Novo Nordisk ( NVO ) shares were down 2.8% and Eli Lilly ( LLY ) was 1.9% lower premarket.