02:00 PM EDT, 08/01/2024 (MT Newswires) -- Health care stocks advanced Thursday afternoon with the NYSE Health Care Index up 0.7% and the Health Care Select Sector SPDR Fund (XLV) climbing 0.8%.

The iShares Biotechnology ETF (IBB) fell 0.6%.

In corporate news, Moderna ( MRNA ) shares tumbled 20%. The company reported better-than-expected Q2 results but lowered the full-year product sales guidance for its respiratory business amid growing competition in the US and low demand in the EU.

Eli Lilly (LLY) shares gained 3.2% after Tirzepatide in a phase 3 trail showed statistically significant improvements in the reduction of heart-failure risks as well as improvements in heart-failure symptoms and physical limitations compared with a placebo.

23andMe (ME) received a preliminary nonbinding indication of interest from Chief Executive Officer Anne Wojcicki to buy all 23andMe shares that she and her affiliates don't already own for $0.40 per class A or B share. The stock fell 2.5%.