Healthcare stocks were lower late Wednesday afternoon, with the NYSE Healthcare Index down 0.6% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1%.
The iShares Biotechnology ETF (IBB) fell 1.5%.
In corporate news, Pfizer's (PFE) risk-reward profile has become more balanced following recent share weakness, with the stock's decline bringing valuations closer to long-term averages and reducing downside concerns previously highlighted in its outlook, RBC Capital Markets said in a note. RBC upgraded Pfizer to sector perform from underperform and reiterated a price target of $25. Pfizer shares were down 0.3%.
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