Sector Update: Healthcare
Healthcare stocks were mixed in late Monday trading with the NYSE Healthcare Sector Index slipping 0.2% and shares of healthcare companies in the S&P 500 rising 0.4% as a group.
In company news, Rosetta Genomic ( ROSG ) continued its meteoric rise again on Monday, advancing another 20% to a 17-month high of $6.48 a share following a bullish Seeking Alpha article last Friday.
According to Seeking Alpha biotech analyst Grant Zeng, Rosetta Genomics could reach $125 million in revenue by 2020, a 4,300% increase from projected 2014 revenue. In addition, at $6.30, the stock is undervalued by as much as 67%, he concludes.
Rosetta Genomics develops microRNA-based diagnostics focused on molecular testing of cancer and other diseases. It currently markets four cancer tests including a test for lung and kidney cancer.
The stock last traded at $6.24 with a new 52-week range of $2.35 to $6.48 a share.
In other sector news,
(+) RGDO, U.S. Food and Drug Administration designates the company's REG1 anticoagulant therapy with fast-track development status for use in patients with coronary artery disease during percutaneous coronary interventions.
(-) BONE, Closes on $4 mln in additional funding from OrbiMed, issuing 1.5 mln of its shares to the privately held medical device and diagnostics company. Other terms are unchanged from the companies' $20 mln term loan in August 2012.