03:53 PM EDT, 04/17/2024 (MT Newswires) -- Health care stocks eased in late Wednesday afternoon trading, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each decreasing 0.1%.

The iShares Biotechnology ETF (IBB) was down 0.5%.

In corporate news, Connect Biopharma ( CNTB ) is terminating its in-license agreement for CBP-174, an antiallergic, with Pfizer (PFE) in May to optimize resources and extend its cash runway. Connect shares slumped 4.1%, and Pfizer dropped 0.7%.

Abbott Laboratories ( ABT ) lifted the midpoint of its 2024 guidance on Wednesday after reporting stronger-than-expected Q1 revenue and earnings. Its shares were falling 2.9%.

Invo Bioscience ( INVO ) shares skyrocketed 135% after the company reported late Tuesday a surge in Q4 revenue, helping lower its net loss.

Vanda Pharmaceuticals ( VNDA ) shares soared almost 30% after the firm said its board adopted a rights plan to protect shareholder interests and maximize value. Separately, Vanda said its board rejected all unsolicited proposals from Future Pak to buy its shares, including the most recent proposal from April 1, for $7.25 to $7.75 per share.