02:01 PM EDT, 09/03/2024 (MT Newswires) -- Health care stocks were down Tuesday afternoon with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) were both decreasing 0.1%.

The iShares Biotechnology ETF (IBB) fell 1.4%.

In corporate news, Vaxcyte ( PCVX ) shares surged over 38% after the company said it plans to start a phase 3 study for its Valent Pneumococcal Conjugate vaccine by mid-2025.

Dr. Reddy's Laboratories (RDY) said in a regulatory filing Tuesday that China's National Medical Products Administration has issued an order suspending the import, sale, and use of the company's atomoxetine hydrochloride capsules. Its shares were falling 3%.

Embecta ( EMBC ) shares were up nearly 1% after it said Tuesday it has received the US Food and Drug Administration's 510(k) clearance for a disposable patch pump for insulin delivery for the treatment of diabetes.