04:10 PM EDT, 08/05/2025 (MT Newswires) -- Health care stocks were mixed late Tuesday afternoon, with the NYSE Health Care Index up 0.2% and the Health Care Select Sector SPDR Fund (XLV) decreasing 0.5%.

The iShares Biotechnology ETF (IBB) fell 1.4%.

In sector news, President Donald Trump said he will unveil tariffs on semiconductors and pharmaceuticals "within the next week or so" and that import taxes on drugs could ultimately reach 250%, according to a report from The Wall Street Journal.

In corporate news, Inspire Medical Systems ( INSP ) shares tumbled 35% after JPMorgan downgraded the stock to neutral from overweight, a day after the company reduced 2025 earnings and revenue guidance.

Y-mAbs Therapeutics ( YMAB ) shares surged 102% after the company agreed to be acquired by SERB Pharmaceuticals for $412 million.

Pfizer ( PFE ) raised its full-year earnings outlook on Tuesday as it recorded stronger-than-expected Q2 results, buoyed by double-digit revenue growth in primary care and oncology segments. Its shares rose 5.2%.

Novo Nordisk's ( NVO ) equity story appears "very challenging" as GLP1 compound are expected to remain in the US, limiting cash-pay uptakes and leaving an uncertain outlook for the company's Wegovy weight loss drug, UBS said in a note Tuesday. UBS downgraded the stock to neutral from buy, and lowered its price target to 340 Danish kroner ($52.76) from 600 Danish kroner. Novo shares fell 3.3%.

Alcon ( ALC ) on Tuesday agreed to buy eye lens manufacturer STAAR Surgical ( STAA ) in a deal worth about $1.5 billion, as the eye care products company looks to expand its offerings to treat myopia, or nearsightedness. Alcon ( ALC ) shares were down 2.8%, while STAAR Surgical ( STAA ) shares jumped 46%.