01:43 PM EDT, 09/03/2025 (MT Newswires) -- Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index down 0.4% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.9%.

The iShares Biotechnology ETF (IBB) were easing 0.3%.

In corporate news, Xencor ( XNCR ) shares were falling 3% after BofA Securities downgraded the stock to neutral from buy.

Pfizer ( PFE ) said Wednesday it will continue to "transparently and consistently" report its research analysis related to its COVID-19 vaccine. Pfizer ( PFE ) Chief Executive Albert Bourla also said that Operation Warp Speed, a US government initiative for the development, manufacturing, and distribution of COVID-19 vaccines, is a "success" that "restored" people's confidence. Pfizer ( PFE ) shares were down 0.9%.

Wave Life Sciences ( WVE ) said Wednesday that its experimental RNA-editing therapy WVE-006 achieved "durable" production of serum AAT protein at levels linked to a lower risk of alpha-1 antitrypsin deficiency liver and lung diseases after repeat 200 mg doses in a phase 1b/2a trial. Development rights for WVE-006 will transfer to GSK (GSK) after the current study is completed, the company said. Wave Life shares fell 20% while GSK was adding 1.3%.