Healthcare Stocks Falling With Broader Markets Declines; Venaxis Rallies After Supportive Test Results

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Healthcare stocks came in to Thursday's selloff for stocks with the NYSE Healthcare Sector Index falling 1.5% and shares of healthcare companies in the S&P 500 declining 1.3% as a group.

In company news,Venaxis Inc. ( APPY ) shares advanced to some of their best prices in nearly two years after the in-vitro diagnostics company issued positive top-line results from Phase III testing of its trademarked APPY1 test.

The APPY1 test already has been cleared for use in the European Union and is designed to identify patient with a low risk for appendicitis using a multiple rapid biomarker-based assay.

According to the company, the test performed well, with sensitivity and negative predictive value results exceeding results from a previous pilot study. APPY plans to include the test results in its application for 510(k) device clearance from the U.S. Food and Drug Administration, expected to be filed within the next few weeks.

APPY share were up 21.7% at $3.30 apiece in recent trade, earlier climbing to an intra-day higher of $3.88, matching its best levels since late April 2011.

In other sector news,

(+) LPHI, Shares spike after a federal jury in Texas rules the Securities and Exchange Commission failed to prove any of its fraud claims against the life-settlements company, CEO Brian Pardo and its general counsel, Scott Peden.

(-) CYTX, Revenue declines 52% year over year to $3.5 mln. Swings to $0.14 per share net loss from $0.06 per share profit last year. Analyst estimates were not available for comparison.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: APPY

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