Top Health Care Stocks
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.
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