01:59 PM EDT, 04/10/2025 (MT Newswires) -- Health care stocks were falling Thursday afternoon, with the NYSE Health Care Index shedding 4.4% and the Health Care Select Sector SPDR Fund (XLV) down 3.7%.

The iShares Biotechnology ETF (IBB) slumped 5.5%.

In corporate news, Novavax ( NVAX ) shares tumbled 23% after US Health and Human Services Secretary Robert Kennedy Jr. raised doubts about the effectiveness of the company's Covid-19 vaccine. Novavax's ( NVAX ) Nuvaxovid Covid-19 vaccine is available under conditional approval and is awaiting full approval from the US Food and Drug Administration, which was expected by April 1, Bloomberg reported.

Cuprina (CUPR) shares rose 4% on their Nasdaq debut Thursday. The Singapore-based biotech company priced an upsized $12 million IPO of 4 million class A ordinary shares, up from an initial plan of 3.75 million shares, at $4 each.

Pasithea Therapeutics ( KTTA ) said Thursday that the external Safety Review Committee recommended that the company's phase 1 trial of PAS-004 to potentially treat advanced cancer should proceed to group 6, 30 mg capsules, without any modification. Its shares jumped 32%.