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 (
) 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
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