- The stock price of Senseonics Holdings Inc (NYSEAMERICAN: SENS) increased by over 22% during intraday trading. This is why it happened.
The stock price of Senseonics Holdings Inc (NYSEAMERICAN: SENS) increased by over 22% during intraday trading. There is no recent company-specific news so it appears there are external factors at play.
Senseonics is a stock that is heavily favored by retail investors who are active on social media platforms like Reddit, StockTwits, Discord, and Facebook Groups. And on June 4, the stock price of Senseonics increased by over 30% during intraday trading following positive results from a study evaluating the accuracy of its continuous glucose monitoring (CGM) system.
This study was designed for evaluating the Eversense CGM System in people with diabetes during a 180-day period. And the study was the basis of the premarket application submission to the U.S. Food and Drug Administration (FDA) and to the BSI for CE mark in Europe.
Chatter over the company’s potential for approval by the FDA has been spreading on the various social media platforms – which is actually not expected for a few months. However, some investors believe it could happen much sooner.
“We are very pleased with the results of the PROMISE Study which demonstrate an excellent safety and accuracy profile for the 180-day sensor. This study was initiated December 2018 and we’re very grateful to the tireless Clinical Investigators and the devoted study subjects for participating in this important clinical trial,” said Tim Goodnow, PhD, President and CEO of Senseonics in a statement from the announcement a few days ago. “As we await hearing from the US and European regulatory agencies concerning our pre-market submissions of data from both the primary and the SBA sensors, we are pleased to continue to offer the Eversense CGM systems in both the US and Europe with our commercialization partner, Ascensia Diabetes Care.”
Another potential catalyst could be a positive review published about the Eversense CGM on Healthline today. “If you’ve ever dreamed of having your glucose levels monitored automatically by a tiny implantable sensor that beams the data to a smartphone, the Eversense continuous glucose monitor (CGM) may be the product for you,” said Healthline in the review article. “Maryland-based Senseonics has made this dream a reality with Eversense, the first long-term continuous glucose sensor the size of a small twig that is implanted under the skin for up to 90 days to monitor your glucose readings in real-time. You don’t have to keep replacing the sensor every week or so, like other CGMs require.”
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