02:02 PM EDT, 05/16/2024 (MT Newswires) -- Health care stocks were lower Thursday afternoon, with the NYSE Health Care Index decreasing 0.2% and the Health Care Select Sector SPDR Fund (XLV) fractionally lower.

The iShares Biotechnology ETF (IBB) was down 0.2%.

In corporate news, Biogen (BIIB) and Ionis Pharmaceuticals ( IONS ) said they would cease development of BIIB105 after a phase 1/2 study showed the investigational ALS drug did not slow disease progression. Biogen shares dropped 2.6% and Ionis tumbled almost 6%.

Trupanion ( TRUP ) shares climbed nearly 21% as BofA Securities upgraded the company to buy from neutral.

Oragenics ( OGEN ) said Thursday that it is preparing to start a phase 2 trial for its potential intranasal treatment for concussion, ONP-002. Its shares rose nearly 2%.