Sector Update: Health Care Stocks Slipping Wednesday Afternoon

Health care stocks were declining Wednesday afternoon, with the NYSE Health Care Index down 0.4% and the Health Care Select Sector SPDR Fund (XLV) decreasing 0.3%.

The iShares Biotechnology ETF (IBB) fell 0.7%.

In corporate news, Globus Medical GMED shares jumped 23% after Stifel and Truist Securities raised their respective price targets on the stock following the company's Q1 results.

Pfizer PFE has agreed to settle more than 10,000 cases accusing it of hiding the cancer risks associated with its Zantac heartburn drug, Bloomberg reported Wednesday. Its shares rose 1.5%.

Teva Pharmaceutical Industries TEVA shares climbed 15% as the company reported Q1 non-GAAP earnings of $0.48 per diluted share, up from $0.40 a year earlier.