Mark A. Nordlicht and Platinum Management have upped their holding of Echo Therapeutics Inc (NASDAQ:ECTE) shares. In a recent filing with the Securities and Exchange Commission, Platinum Management disclosed the acquisition of 69,569 shares in two transactions at a price of $2.75 apiece. As a result, Platinum currently holds 578,452 shares worth approximately $2 million at current market prices.
Jim Simons shares Nordlicht’s optimism about Echo Therapeutics Inc (NASDAQ:ECTE). Renaissance Technologies has more than doubled its stake during the third quarter of 2013 and now owns 123,587 shares valued at $341,000. Fred Knoll has a different opinion, with his fund, Knoll Capital Management, dumping 90% of their holding of Echo Therapeutics. As a result, the fund now holds only 44,445 shares reportedly worth $123,000. Trellus Management Company, run by Adam Usdan, and Donald Chiboucis‘ Columbus Circle Investors have liquidated their position during the third quarter.
Echo Therapeutics Inc (NASDAQ:ECTE) is a drug manufacturer operating in the United States. The stock has been in a downtrend most of 2013 and has slumped 68%. With a current share price of $3.43, the company has a market cap of $36.2 million and has a beta of 0.07. Echo Therapeutics does not pay a dividend. For the three months ended September 30, the company reported revenues of $22,557 and net loss of $5.2 million, which translates into a loss per share of $0.49. Analysts are not too optimistic about this quarter either. They expect revenues of $20,000 and a loss of $0.4 per share.
On December 10, 2013, Echo Therapeutics Inc (NASDAQ:ECTE) announced a strategic partnership with Medical Technologies Innovation Asia. Robert F. Doman, Executive Chairman and Interim Chief Executive Officer, said:
We are excited to be working with MTIA in this new relationship to meet the growing glucose monitoring needs in China. We believe MTIA’s expertise and relationships in China will enhance Echo’s success in this region and our overall value proposition.