03:57 PM EDT, 04/02/2026 (MT Newswires) -- Health care stocks declined late Thursday afternoon with the NYSE Health Care Index dropping 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.7%.

The iShares Biotechnology ETF (IBB) fell 0.6%.

In corporate news, Eli Lilly ( LLY ) and Novo Nordisk's ( NVO ) GLP-1 drugs included in President Trump's plan to extend coverage of weight-loss treatments for some Medicare beneficiaries would cost health insurers billions of dollars in its first year, Bloomberg reported, citing an analysis published in the Journal of the American Medical Association. Separately, Novo said that its 25 mg Wegovy pill demonstrated "significantly greater" mean weight loss than Lilly's 36 mg orforglipron, which was approved by the US Food and Drug Administration under the brand name Foundayo. Lilly shares fell 2%, and Novo rose 1%.

Alto Neuroscience ( ANRO ) shares fell 7.6% a day after the company said topline data from its phase 2 proof-of-concept trial assessing ALTO-101 was not statistically significant on primary electroencephalography or cognitive endpoints versus placebo.

Grifols ( GRFS ) faces new operating conditions across all of its Canadian plasma collection centers after Health Canada inspections found recurring, systemic compliance deficiencies, CBC News reported Wednesday, citing a spokesperson for the regulator. Grifols ( GRFS ) shares fell 0.6%.

Immunovant ( IMVT ) shares fell 1% after the company said topline results from two phase 3 clinical studies of batoclimab as an experimental treatment for thyroid eye disease in adults showed that they failed to meet their primary endpoint.