Healthcare Stocks Inch Higher; CorMedix Records Big Jump After Finalizing FDA Guidance


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Healthcare stocks were moderately higher with the NYSE Healthcare Sector Index adding 0.3% and shares of healthcare companies in the S&P 500 also rising 0.3% as a group.

In company news, CorMedix Inc. ( CRMD ) at one point today rose nearly 60% to a new 52-week high of $1.37 a share after the drug-maker said it has received the official minutes from its Nov. 14 meeting with the U.S. Food and Drug Administration.

The minutes from the Pre-Investigational New Drug meeting confirm the guidance the company received from the FDA regarding the development of its Neutrolin drug candidate, expecting to finalize a clinical protocol and filing an IND application to eventually begin commecial sales of the drug in the U.S.

Neutrolin was developed to prevent catheter-related infections in the bloodstream in hemodialysis patients. CRMD has begun shipping Neutrolin to its first hemodialysis customers in Germany and expects it will focus on expanding into other targeted EU countries as well as non-European markets that recognize the CE Mark during 2014.

CRMD shares recently traded nearly 34% higher at $1.15 each.

In other sector news,

(+) UTHR, U.S regulators approve the company's Orentram medication to treat pulmonary arterial hypertension. The FDA later prompts an upgrade of the stock to Buy from Neutral at Ladenburg Thalmann, which also set a price target of $138 a share.

(-) TSRO, Said its Rolapitant drug candidate met the primary endpoints - but not the secondary goals - in two Phase III trials in patients testing is ability to prevent chemotherapy-induced nausea & vomiting. R.W. Baird today recommends buying the stock on weakness.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CRMD

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