04:02 PM EDT, 06/20/2025 (MT Newswires) -- Health care stocks declined late Friday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) both shedding 0.5%.

The iShares Biotechnology ETF (IBB) decreased 0.3%.

In sector news, US health insurers plan to announce changes aimed at improving the preapproval process for medical care following public criticism after the killing of a UnitedHealth (UNH) executive last year, The Wall Street Journal reported.

In corporate news, SeaStar Medical ( ICU ) shares tumbled 64%. The company priced its offering of shares and warrants to raise up to $8 million, with $4 million expected initially and a potential $4 million via warrant exercises.

GH Research ( GHRS ) shares jumped 4.7% after saying Friday that it submitted a complete response to the US Food and Drug Administration for an investigational new drug application for GH001, its lead product candidate for individuals with treatment-resistant depression.

Moleculin Biotech ( MBRX ) said it priced a $5.9 million offering of shares and series E warrants to purchase stock. Its shares dropped 54%.

Eli Lilly ( LLY ) plans to appeal against the UK's National Institute for Health and Care Excellence's decision not to reimburse the cost of Alzheimer's drug Kisunla under the National Health Service. Eli Lilly ( LLY ) shares fell 2.4%.

Sarepta Therapeutics ( SRPT ) shares fell 2.7% after William Blair downgraded the stock to market perform from outperform.