Platinum Management Buys More Echo Therapeutics Inc (ECTE) Shares

Platinum Management, managed by Mark A. Nordlicht, has acquired 16,961 shares of Echo Therapeutics Inc (NASDAQ:ECTE), a new filing with the U.S. Securities and Exchange Commission showed. The shares were purchased in multiple transactions for a purchase price of $2.2 apiece. Currently, Platinum owns 1.61 million shares, up from 578,452 shares disclosed previously.

In December 2013, Platinum Management reported upping its stake in Echo Therapeutics Inc (NASDAQ:ECTE) to 578,452 shares. Echo Therapeutics Inc (NASDAQ:ECTE) is a medical device company developing its Symphony CGM System as a non-invasive, wireless continuous glucose monitoring system. The company has a market cap of $26.7 million.

Last week, Echo Therapeutics Inc. (NASDAQ: ECTE) announced that the company’s stockholders elected Shepard M. Goldberg as a new member of the company’s board of directors at the 2014 annual meeting of stockholders held June 19, 2014.

For the first quarter of 2014, the company reported net loss for of $2.8 million, or $0.23 per share, compared to $7.0 million, or $1.30 per share, for the first quarter of 2013. The operating loss for the quarter was $2.7 million compared to $5.5 million for the first quarter of 2013. Research and development expenses decreased by $2.1 million, or 64%, to $1.1 million for the first quarter, compared to $3.2 million for the first quarter of 2013, according to a statement.

On Wednesday, Echo Therapeutics Inc (NASDAQ:ECTE)’s stock gained 0.90% to $2.23. It has a 52 week high of $4.91 and a 52 week low of $1.53. The consensus average target price for the stock is $2.00, and the consensus average recommendation is ‘Hold.’

Other largest shareholders of Echo Therapeutics Inc (NASDAQ:ECTE) include Fred Knoll’s Knoll Capital Managementm, which holds 28,630 shares, Jim Simons’ Renaissance Technologies, which revealed ownership of 40,787 shares of the company.

Total value of Platinum Management’s equity portfolio totaled $211.71 million as of the end of the first quarter of 2014. In term of value, Navidea Biopharmaceuticals Inc (NYSEMKT:NAVB) was the largest holding, in which the fund owns 14.07 million shares. It is followed by NXP Semiconductors NV (NASDAQ:NXPI), in which the fund holds 168,000 shares.

Disclosure: none