01:47 PM EDT, 10/23/2025 (MT Newswires) -- Health care stocks edged lower Thursday afternoon, with the NYSE Health Care Index easing 0.1% and the Health Care Select Sector SPDR Fund (XLV) fractionally lower.

The iShares Biotechnology ETF (IBB) rose 0.4%.

In corporate news, Avanos Medical ( AVNS ) shares shed 0.3% after it agreed to sell its US orthopedic rental business, known as Game Ready, to closely held WRS Group for an undisclosed sum.

Moderna ( MRNA ) shares were down 2% after the company said a phase 3 trial of mRNA-1647 investigational vaccine failed to meet its primary efficacy endpoint of preventing cytomegalovirus infection in seronegative women of childbearing age between 16 to 40 years.

Tango Therapeutics ( TNGX ) shares dropped nearly 13% after it said Thursday it has priced an underwritten offering of over 21 million shares and pre-funded warrants to buy up to around 3.2 million shares, for expected gross proceeds of $210 million. Simultaneously, Tango has signed a securities purchase agreement for a PIPE deal to sell over 1.7 million shares at $8.66 per share, for expected gross proceeds of around $15 million.

Viking Therapeutics ( VKTX ) shares jumped 9% after Morgan Stanley raised the company's price target to $102 from $98, while keeping its overweight rating. Viking reported Q3 results late Wednesday.