01:57 PM EDT, 07/02/2024 (MT Newswires) -- Health care stocks were declining Tuesday afternoon, with the NYSE Health Care Index shedding 0.8% and the Health Care Select Sector SPDR Fund (XLV) down 0.7%.

The iShares Biotechnology ETF (IBB) fell 0.9%.

In corporate news, Walgreens Boots Alliance ( WBA ) will likely face a continuation of retail and pharmacy headwinds into next year, RBC Capital Markets said in a note Tuesday. The investment firm cut the company's price target to $13 from $22, while keeping its sector perform rating. Walgreens shares were down 0.3%.

Annovis Bio ( ANVS ) shares soared 98% after an advance study showed buntanetap was effective in improving motor, non-motor and cognitive functions in people with early Parkinson's disease.

Incyte ( INCY ) shares dropped 3% after BMO Capital downgraded the stock to underperform from market perform and lowered its price target to $48 from $52.