03:52 PM EDT, 05/15/2026 (MT Newswires) -- Healthcare stocks were lower late Friday afternoon, with the NYSE Healthcare Index falling 1.1% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 1%.

The iShares Biotechnology ETF (IBB) dropped 2.4%.

In corporate news, Thermo Fisher Scientific ( TMO ) could benefit from improving end-market conditions and recovering biotech funding, though "structural risks" may limit the company's ability to achieve its long-term organic growth aspiration, RBC Capital Markets said in a note. RBC resumed coverage of Thermo Fisher with a sector perform rating and a $490 price target. Thermo Fisher shares were down 2.3%.

Aardvark Therapeutics ( AARD ) shares fell 32% after the firm said the US Food and Drug Administration placed a full clinical hold on its investigational new drug application for ARD-101. Morgan Stanley downgraded the stock to underweight from equalweight, and BTIG downgraded to neutral from buy.

DexCom ( DXCM ) said Friday it has set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030. Its shares climbed past 6%.

ARS Pharmaceuticals ( SPRY ) shares fell 7% after it posted a wider Q1 loss.