Healthcare Stocks Turn Early Relative Strength into Small, Late Gain
Top Healthcare Stocks
Healthcare stocks were outperforming most of the market Monday, turning higher this afternoon and the NYSE Healthcare Sector Index rising 0.3%. Shares of healthcare companies in the S&P 500 also were up about 0.3% as a group in afternoon trade.
In company news, Oramed Pharmaceuticals Inc. ( ORMP ) was sharply higher Monday, rising nearly 26% in recent trade after earlier saying it will announce results from Phase IIa testing of its ORMD-0801 oral insulin capsule on Thursday, Jan. 30, at an investor conference taking place at the Tel Aviv Stock Exchange in Israel.
The company in mid-November said that the last patient had completed treatment in the double-blind, randomized trial of the prospective Type 2 diabetes drug. Overall, 30 U.S. patients participated in the trial begun last July intended to evaluate ORMD-0801's safety profile.
During Phase I testing completed earlier in 2013, ORMD-0801 was well tolerated and significantly stabilized blood sugar levels in patients with uncontrolled Type 1 diabetes, resulting in a significant drop in the frequency of above-normal blood sugar readings along with a decrease in overall blood sugar levels throughout the day.
ORMP shares climbed as high as $25.18 during Monday's session, up 25.9%, and was ahead nearly 21% at $24.24 in late morning trade. The stock has a 52-week range of $5.00 to $31.73 a share.
In other sector news,
(+) NWBO, (+5.4%) Biotechnology company developing personalized immune therapies for solid tumor cancers enters a series of agreements with Cognate Bioservices allowing it to expand its manufacturing, storage and distribution starting Jan. 17.
(-) KOOL, (-16.3%) ThermoGenesis Drops 17%; Sells 3.3 Mln Shares at Discounted $2.00 in Private Placement