01:41 PM EDT, 04/09/2024 (MT Newswires) -- Health care stocks were mixed Tuesday afternoon, with the NYSE Health Care Index decreasing 0.4% and the Health Care Select Sector SPDR Fund (XLV) little changed.

The iShares Biotechnology ETF (IBB) rose 1%.

In corporate news, Moderna ( MRNA ) shares popped 5.1% after results from an early study of the company's cancer vaccine mRNA-4157 showed the therapy benefited patients with a type of head and neck cancer.

Novartis ( NVS ) plans to cut as many as 680 jobs in its product development organization, including about 440 jobs in Switzerland and up to 240 in the US over the next two to three years, Reuters reported Tuesday, citing a company spokesperson. Novartis ( NVS ) shares were fractionally lower.

Neogen (NEOG) dropped 9% after the company cut its full-year revenue outlook, on the back of mixed fiscal Q3 results.