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Sector Update: Healthcare

Healthcare stocks were lower, with the NYSE Healthcare Sector Index declining about 0.6% and shares of healthcare companies in the S&P 500 off 0.7% as a group.

In company news, Response Genetics ( RGDX ) shares climbed Monday after a regulatory filing showed activist investor Becker Drapkin Management LP reduced its stake last week in the developer of clinical diagnostic tests for cancer by over one third.

RGDX was up 1.6% at $1.31 in recent trading, just 3 cents off its intra-day high. The stock has a 52-week range of $1.09 to $2.93 a share.

The April 4 filing showed Becker Drapkin now holds 1.35 million shares, down from 2 million shares in February after selling a total of 675,643 shares last Thursday and Friday. The fund now owns about 3.5% of RGDX stock, down from its previous 5.9% stake.

Becker Drapkin's individual members - Steven R. Becker and Matthew A Drapkin - currently own 181,679 and 114,504, respectively, unchanged from the previous filing.

In other sector news,

(+) QCOR, (+13.5%) Accepts $5.6 bln buyout offer from Mallinkrodt ( MNK ), with QCOR shareholders receiving $86.10, comprised of $30 in cash and 0.897 MNK, for each share they now own. MNK expects the deal will immediately add to adjusted FY15 EPS.

(-) MNKD, (-11.2%) FDA extends review period for the company's Afrezza inhaled insulin medication by three months to July 15 in order to complete a full review of MNKD data

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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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