04:00 PM EDT, 04/10/2025 (MT Newswires) -- Health care stocks were falling late Thursday afternoon, with the NYSE Health Care Index shedding 2.9% and the Health Care Select Sector SPDR Fund (XLV) down 3.1%.

The iShares Biotechnology ETF (IBB) slumped 4.8%.

In corporate news, Novartis ( NVS ) plans to invest $23 billion in building and expanding 10 facilities in the US over the next five years in response to possible drug import tariffs under the Trump administration, Reuters reported. Novartis ( NVS ) eased 0.2%.

Keros Therapeutics ( KROS ) shares jumped 17% after the biotech company said its board has started a formal review to evaluate its strategic alternatives, including a potential sale.

Novavax ( NVAX ) shares tumbled 21% after US Health and Human Services Secretary Robert Kennedy Jr. raised doubts about the effectiveness of the company's COVID-19 vaccine.

Pasithea Therapeutics ( KTTA ) said the Safety Review Committee recommended its phase 1 trial of PAS-004 in advanced cancer to proceed to cohort 6 without modification. Shares jumped 38%.