02:04 PM EDT, 05/23/2025 (MT Newswires) -- Health care stocks declined Friday afternoon with the NYSE Health Care Index down 0.4% and the Health Care Select Sector SPDR Fund (XLV) falling 0.2%.

The iShares Biotechnology ETF (IBB) decreased 0.3%.

In corporate news, Medtronic ( MDT ) shares fell 0.7%. JPMorgan cut its price target on the stock to $87 from $95.

Bicara Therapeutics ( BCAX ) shares tumbled 45%, a day after the company said its phase 1/1b trial of ficerafusp alfa with pembrolizumab in people with head and neck squamous cell carcinoma hasn't yet reached median overall survival and median duration of response based on interim results.

Imunon (IMNN) shares more than doubled. The company received positive data showing an improvement in overall and progression-free survival from a phase 2 trial of IMNN-001, an investigational therapy to treat ovarian cancer.