03:49 PM EST, 11/13/2024 (MT Newswires) -- Health care stocks were lower late Wednesday afternoon, with the NYSE Health Care Index down 0.2% and the Health Care Select Sector SPDR Fund (XLV) easing 0.1%.

The iShares Biotechnology ETF (IBB) rose 0.1%.

In corporate news, Medtronic ( MDT ) is being sued by Hexagon Health for the alleged infringement of three patents related to hernia mesh treatment devices, Hexagon said Wednesday. Medtronic ( MDT ) shares were declining 0.7%.

Savara (SVRA) shares tumbled 15% after Evercore ISI downgraded the company's stock to in line from outperform and cut its price target to $5 from $7.

Pulmatrix ( PULM ) shares surged past 67% after the company said Wednesday it has reached a merger agreement with Cullgen.

Johnson & Johnson ( JNJ ) filed Tuesday a lawsuit seeking to stop the US Health Resources and Services Administration's attempts to block the company's rebate model under the federal 340B drug pricing program. Its shares added 0.3%.