Sector Update: Healthcare
Healthcare stocks are narrowly lower, with the NYSE Healthcare Sector Index retreating less than 0.1% and shares of healthcare companies in the S&P 500 down almost 0.3% as a group.
In company news, Uroplasty Inc. ( UPI ) is up nearly 16% to $2.60 a share after saying Novitas Solutions Inc. has expanded coverage for posterior tibial nerve stimulation using the company's Urgent PC neuromodulation system to treat overactive bladder and associated symptoms.
The increased coverage by the Medicare administrative contractor includes additional diagnostic codes as well as expansion of on-going therapy from 12 months to up to two years.
UPI last night also reported a non-GAAP operating loss during fiscal Q1 of $1.5 million, or $933,000 wider than the company's operating loss during the same quarter last year.
Net sales rose 6% over the year-ago quarter to $5.8 million, trailing Street forecasts by $240,000.
In other sector news,
(+) SIGA, (+7.4%) Selects lead candidate for Dengue fever antiviral program, saying the selected drug appears to have a novel mechanism of action against all four serotypes of dengue virus in preclinical mouse trials.
(-) ONVO, (-11.1%) Prices offering of 9 million shares of its common stock at $4.50 apiece, generating $40.5 million in gross proceeds.
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