01:57 PM EDT, 06/26/2024 (MT Newswires) -- Health care stocks were decreasing Wednesday afternoon, with the NYSE Health Care Index down 0.3% and the Health Care Select Sector SPDR Fund (XLV) easing 0.2%.

The iShares Biotechnology ETF (IBB) fell 1.2%.

In regulatory news, the US Health and Human Services Department said some Medicare enrollees will pay less for 64 prescription drugs available through Medicare Part B. Since each drug company raised prices faster than the rate of inflation, the drugs will have a lowered Part B coinsurance rate from July 1 through Sept. 30, HHS said.

In corporate news, Novo Nordisk ( NVO ) shares fell 2% after the firm said it will recognize an impairment loss of about 5.7 billion Danish krone ($816.2 million) in Q2 after its Clarion-CKD phase 3 trial failed to meet its primary endpoint.

Moderna ( MRNA ) tumbled 10%. The company said Wednesday that its mRESVIA respiratory syncytial virus vaccine demonstrated about a 50% efficacy after 18 months based on data from a pivotal phase 2/3 trial.

Cyclacel Pharmaceuticals ( CYCC ) said Wednesday the European Patent Office has notified the company of its intention to grant a patent covering plogosertib pharmaceutical compositions. Its shares jumped 11%.