03:32 PM EST, 12/19/2024 (MT Newswires) -- Health care stocks were declining late Thursday afternoon, with the NYSE Health Care Index down 0.5% and the Health Care Select Sector SPDR Fund (XLV) decreasing 0.6%.

The iShares Biotechnology ETF (IBB) shed 0.4%.

In corporate news, ALX Oncology ( ALXO ) shares sank past 17% after Jefferies downgraded the company to hold from buy while cutting the price target to $2 from $12.