03:52 PM EDT, 10/31/2024 (MT Newswires) -- Health care stocks declined late Thursday afternoon, with the NYSE Health Care Index down 0.2% and the Health Care Select Sector SPDR Fund (XLV) off 0.3%.

The iShares Biotechnology ETF (IBB) fell 1.2%.

In corporate news, Madrigal Pharmaceuticals ( MDGL ) shares surged nearly 21%. The company reported a Q3 loss of $4.92 per diluted share versus the loss of $5.34 a year earlier. Analysts polled by Capital IQ expected a loss of $6.92.

Matinas BioPharma ( MTNB ) shares plunged 69%. The company said Thursday that it will slash its workforce by 80% and has halted all product development activities to conserve cash.

Equillium ( EQ ) shares sank 36% after the company said that Ono Pharmaceutical decided to let expire an option to buy Equillium's ( EQ ) rights to itolizumab.

Merck's ( MRK ) Q3 earnings fell year over year, while revenue increased as the company cut its full-year, bottom-line outlook amid the impact of business development deals. Its shares fell 2.3%.