Healthcare Stocks Little Changed; Echo Therapeutics Rise After Glucose Monitor Hits Primary Endpoints in Study


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Healthcare stocks are little changed this afternoon with the NYSE Healthcare Sector Index rising about 0.1% while shares of healthcare companies in the S&P 500 currently are down less than 0.1% as a group.

In company news, Echo Therapeutics ( ECTE ) is closing strongly today, with shares rising to their best levels since early May after the medical device manufacturer said its Symphony CGM continuous glucose monitoring system met primary safety and effectiveness endpoints in a new clinical trial.

During the trial, the Symphony device produced clinical accurate readings in 97.9% of the times it was used while benign errors occurred at a 1.8% pace, creating an overall accuracy rate of 99.7%.

ECTE said data collected from this study will serve as the basis for the company's CE Mark technical file submission for marketing approval in Europe, which ECTE expects to file before the end of the year.

In other sector news,

(+) MACK, Drug-maker reports promising results from a pair of clinical studies of its MM-121 in patients with certain types of breast cancer. MACK also announced a collaboration pact with Actavis plc ( ACT ) to develop and commercialize new drugs.

(-) GHDX, Acquires rights to further develop and commercialize Almac Group's multi-gene test to predict benefit from DNA damage-based chemotherapy drugs for breast cancer in exchange for $9-mln upfront payment and future milestone, royalty payments.

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

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This article appears in: Investing , Commodities
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