Why NeuroMetrix (NURO) stock jumped over 40% today?

January 18, 2022 10:09 AM PST | By Rupam Roy

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Why NeuroMetrix (NURO) stock jumped over 40% today? — Image source: everything possible,Shutterstock

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Highlights

NeuroMetrix has received FDA’s breakthrough designation for its Quell technology.

The NURO stock rose over 41% after the news.

It gained over 32% in the past 12 months.

The NeuroMetrix, Inc. (NASDAQ:NURO) stock jumped over 41% after it announced receiving a breakthrough designation from the US Food and Drug Administration (FDA) for its Quell technology.

On Tuesday, the Waltham, Massachusetts-based company said that its Quell technology could reduce symptoms of peripheral neuropathy caused by chemotherapy. It said that its advanced, non-invasive neuromodulation technology gave persistent results for a minimum of six months in patients after chemotherapy. Its technology has around 19 US utility patents.

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NeuroMetrix is an innovation-driven company that develops products that use non-invasive neurostimulation. It manufactures a range of medical products and instruments that stimulate the nerves for diagnostic and treatment purposes.

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NeuroMetrix, Inc. (NASDAQ:NURO) stock performance, financials

The shares of NURO traded at US$6.98 at 9:46 am ET on Jan 18, up 41.87% from its previous close. Its stock value rose 32.26% over the past 12 months.

Its market cap is US$32.84 million, and its EPS is US$-0.32.

The trading volume was 41,212 on Jan 18. The NURO stock saw the highest price of US$38.75 and the lowest price of US$2.58 in the last 52 weeks.

Its revenue was US$2.06 million in Q3, FY21, compared to US$2.03 million in the same quarter of the previous year. The net loss was US$0.68 million compared to a loss of US$0.25 million in Q3, FY20.

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Bottomline

FDA’s Breakthrough Device Program helps patients receive timely access to advanced technologies to treat major diseases. It is now expected to review NeuroMetrix’s technology on a priority basis under the program. According to experts, some 650,000 cancer patients receive chemotherapy sessions in the US annually.

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