01:55 PM EDT, 04/02/2024 (MT Newswires) -- Health care stocks were retreating Tuesday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each shedding 1.9%.

The iShares Biotechnology ETF (IBB) fell 2.2%.

In corporate news, Humana (HUM) shares tumbled more than 14%, UnitedHealth ( UNH ) shares dropped nearly 8%, and CVS Health (CVS) shares were down 8.1% following the Centers for Medicare and Medicaid Services' declaration of a 3.7% average revenue boost for Medicare Advantage plans in 2025.

Evaxion Biotech ( EVAX ) said Tuesday that three studies showed antigens from its preclinical EVX-B1 vaccine candidate significantly protected large, non-rodent animals against surgical site infections caused by Staphylococcus aureus. Its shares jumped 17.8%.

Ocugen ( OCGN ) shares sank past 10% after the company said it will restate its 2022 consolidated financial statements due to accounting errors.