Why did NanoViricides (NNVC), ReWalk (RWLK) stocks skyrocket Tuesday?

Highlights

  • NanoViricides, Inc. (AMEX: NNVC) was up 65.45% at 3:18 pm ET, with a trading volume of 89,899,376.
  • ReWalk Robotics Ltd. (RWLK) rose 93.46% at 3:18 pm ET, with a share volume of 264,762,923.
  • NanoViricides stock rose 114.29%, and ReWalk Robotics stock jumped 73.86% YTD.

Stocks of NanoViricides, Inc. (AMEX: NNVC) and ReWalk Robotics Ltd. (NASDAQ: RWLK) skyrocketed by 65.45% and 93.46%, respectively, at 3:18 pm ET on Tuesday.

The NNVC stock was priced at US$6.2704, while RWLK traded at US$2.515 at the time.

NanoViricides, Inc.

The Shelton, Connecticut-based NanoViricides is a nano-biopharmaceutical company.

Its trading volume was 89,899,376 at 3:19 pm, ET. Its 30-day average volume is 1,322,884.00.

NNVC develops therapeutics for viral infections. The company launched its IPO in 2004.

The stock has been declining since September 14 when its trading volume was 33,589,170 and closing price was US$4.83. Tuesday’s rally was its first major jump since.

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The stock’s 52-week highest and lowest prices were US$8.71 and US$2.85, respectively.

On Sep 14, the company said that it completed the licensing process for drug development and commercialization from TheraCour Pharma, Inc. NNVC’s pre-clinical work for two drug candidates is nearly complete, and the company is set to study these drugs in humans.

It did not earn any revenue in the March quarter of 2021. The net loss in the period was US$2.1 million against US$8.1 million in the same quarter a year ago. The cash and equivalents rose to US$22.9 million on March 31, 2021, from US$13.99 million on June 30, 2020.

Its market capitalization is US$78 million. The stock had closed at US$3.79 on Sep 20.

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Two trending healthcare stocks on Tuesday: NanoViricides (NNVC) and ReWalk Robotics (RWLK).

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ReWalk Robotics Ltd.

ReWalk is a medical device company based in Yokneam Ilit, Israel. The company offers the ReWalk system that helps wheelchair-bound patients to stand and walk again.

Its trading volume was 264,762,923 at 3:19 pm ET. The 30-day average volume is 379,578.00.

The company went public in 2014. The stock’s 52-week highest and lowest prices were US$6.00 and US$1.00, respectively.

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There was no apparent reason for the stock’s sudden rally on Tuesday.

Its revenue for the June quarters of 2021 and 2020 were US$1.44 million and US$ 1.67 million, respectively. The net loss was US$3.14 million in the June quarter of 2021 compared to US$2.86 million in the same period of 2020. The cash and equivalents were US$64.2 million on June 30, 2021, compared to US$20.35 million on December 31, 2020.

Its market capitalization is US$108.6 million. The stock closed at US$1.3 on Sep 20.

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Bottomline

The NYSE Healthcare Index (NYP.ID) gave a 12.61% return YTD. The health sector has seen significant growth this year buoyed by speedy drug development and approval, especially for covid vaccines. The NanoViricides stock rose 114.29% YTD, while ReWalk stock rose 73.86% YTD. However, investors must evaluate the companies carefully before investing in stocks.

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