Sector Update: Healthcare

By Staff,

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Healthcare stocks were mostly higher, with the NYSE Healthcare Sector Index advancing 0.4% and shares of healthcare companies in the S&P 500 up 0.6% as a group.

In company news, shares of Oramed Pharmaceuticals ( ORMP ) jumped nearly 15% Monday after the development-stage drugmaker delivered to the U.S. Food and Drug Administration the protocol for Phase IIb testing of its oral insulin capsule treating both Type 1 and Type 2 diabetes.

The protocol was submitted under the company's existing investigational new drug application for its ORMD-0801 drug candidate. The double-blind, placebo controlled study will be carried out over seven days at an in-patient facility with 24 Type 1 diabetic patients. The U.S.-based study is slated to start before the end of March.

Shares were up 14.7% at $16.34 apiece, racing as high as $17.28 a share during the session. The stock has a 52-week range of $5.00 to $31.73 a share.

In other sector news,

(+) GALT, (+17.7%) Analysts at Aegis boost their price target for the biotech company working on liver treatments by 80% to $16 a share, maintaining a Buy rating for the stock.

(+) AEGR, (+1.7%) Shares reverse earlier declines after the company issues 10-year options to purchase up to 219,750 shares to 52 new employees. The options have an exercise price of $57.72 a share, with the first 25% vesting after one year and the remaining 75% vesting in monthly installments over the following three years.

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

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

This article appears in: Investing Commodities
Referenced Stocks: ORMP

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