Sector Update: Health Care Stocks Decline Late Afternoon

Health care stocks retreated late Thursday afternoon, with the NYSE Health Care Index down 0.4% and the Health Care Select Sector SPDR Fund (XLV) shedding 0.6%.

The iShares Biotechnology ETF (IBB) dropped 1.5%.

In corporate news, Standard BioTools LAB said Thursday it has initiated a restructuring plan with the reduction of about 10% of its workforce. Its shares shed 1.9%.

Perrigo PRGO said Thursday it has received a binding offer from Esteve Healthcare to sell its HRA Pharma Rare Diseases business for up to 275 million euros ($294.7 million). Perrigo shares were steady.

Bristol-Myers Squibb BMY shares dropped 9% after the company posted a Q1 loss.

AstraZeneca AZN shares jumped 5.6% after the company reported higher Q1 core earnings and revenue.