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Health Care Sector Update for 05/03/2016: ECTE, SSRG, CURM

Top Health Care Stocks

JNJ -0.22%

PFE +2.90%

MRK -0.88%

ABT -0.49%

AMGN -1.53%

Health care stocks have turned slightly lower again this afternoon, with the NYSE Health Care Index slipping 0.1% while shares of health care companies in the S&P 500 were down about 0.2% as a group.

In company news, Echo Therapeutics ( ECTE ) rallied Tuesday after the medical device company reported making "significant progress" in the development and internal clinical testing of its next-generation continuous glucose monitoring system.

Among the improvements Echo cited today are an increased sensitivity to glucose as well as a higher consistency, a shorter warm-up time and more resistance to acetaminophen interference. A working prototype should be ready next month, it said.

Echo also said Medical Technologies Innovation Asia, its strategic partner in China, has been finalizing plans to begin there a clinical trial of the device with expectations Chinese authorities will designate the monitor as a Class 2 medical device.

ECTE shares were up more than 33% at $1.60 each shortly before the closing bell, easing from a previous session high of $1.92 a share.

In other sector news,

(+) SSRG, Agrees to $140.3 mln buyout offer from RoundTable Healthcare Partners, which will pay $13.10 for each SSRG share, a 26% premium over Monday's closing price. Deal slated to close by mid-summer.

(-) CUR, Prices $8 mln public offering of 20 mln shares of its common stock at 40 cents each, a 32% discount to yesterday's closing price.

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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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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