02:05 PM EDT, 05/09/2025 (MT Newswires) -- Health care stocks declined Friday afternoon, with the NYSE Health Care Index and the Health Care Select Sector SPDR Fund (XLV) each decreasing about 0.4%.

The iShares Biotechnology ETF (IBB) retreated 1.2%.

In corporate news, Apellis Pharmaceuticals ( APLS ) shares were falling 3%. The company has had a difficult Q1 as charitable foundation funding gaps and weaker-than-expected Syfovre sales weigh on the outlook, BofA Securities said in a report. BofA downgraded the stock to neutral from buy.

Iovance Biotherapeutics ( IOVA ) shares tumbled 46% after it lowered its 2025 product revenue guidance. Its Q1 results also missed estimates.

MeiraGTx ( MGTX ) shares added 1.0% after its investigational gene therapy, AAV-GAD, received regenerative medicine advanced therapy designation from the US Food and Drug Administration for the treatment of Parkinson's disease.