01:48 PM EDT, 04/12/2024 (MT Newswires) -- Health care stocks were retreating Friday afternoon, with the NYSE Health Care Index falling 1.5% and the Health Care Select Sector SPDR Fund (XLV) dropping 1.6%.

The iShares Biotechnology ETF (IBB) was sliding about 2%.

In corporate news, Zoetis ( ZTS ) tumbled more than 8% after a Wall Street Journal's report on dog owners blaming the drugmaker's arthritis drug Librela for causing side effects to their pets.

Nutex Health ( NUTX ) said Friday it has decided to place a moratorium on the opening of new hospitals this year and was considering the closure or sale of more underperforming facilities in the near future. Its shares dropped almost 6%.

Theravance Biopharma ( TBPH ) shares soared nearly 9% after BTIG started its coverage with a buy rating and a $21 price target.