02:07 PM EDT, 08/12/2024 (MT Newswires) -- Health care stocks were declining Monday afternoon, with the NYSE Health Care Index shedding 0.4% and the Health Care Select Sector SPDR Fund (XLV) down 0.5%.

The iShares Biotechnology ETF (IBB) eased 0.5%.

In corporate news, Moderna ( MRNA ) allegedly made false and/or misleading statements and failed to disclose that its mRNA respiratory syncytial virus, or RSV, vaccine was less effective than it had previously led investors to believe, according to a proposed federal class action filed Friday in Massachusetts. Moderna ( MRNA ) shares were falling 4.5%.

Revance Therapeutics ( RVNC ) shares surged 86% after the company said it has agreed to be acquired by Crown Laboratories for $924 million.

Envoy Medical ( COCH ) shares jumped 13% after the company reported Q2 results.