09:24 AM EDT, 05/13/2024 (MT Newswires) -- Health care stocks were declining pre-bell Monday, with the Health Care Select Sector SPDR Fund ( XLV ) slightly lower and iShares Biotechnology ETF ( IBB ) was recently down 0.3%.

Legend Biotech ( LEGN ) was up more than 5% after reporting its Q1 net loss narrowed as revenue increased during the period.

Fortrea Holdings ( FTRE ) was more tha 2% lower after it reported that it swung to a Q1 adjusted loss as revenue declined during the period.

Incyte ( INCY ) was more than 6% higher after saying its directors has authorized a $2 billion share buyback and has launched a modified Dutch auction tender offer to buy back its common stock to $52 to $60 per share for a total of up to $1.67 billion.