Senseonics Holdings (NYSEAMERICAN:SENS) stock is on the rise Friday despite a lack of news concerning the pharmaceutical company.
The continued positive movement for SENS stock in pre-market trading comes after a run-up yesterday. That saw it gain 34.9% while 25.76 million shares changed hands. To put that in perspective, the company’s daily average trading volume is 7.26 million shares.
So what exactly has SENS stock soaring higher? That’s still unclear, but investors are boosting the stock up on social media. It’s also worth noting that the stock is more vulnerable to volatility due to its being a penny stock.
With this new interest in SENS stock, investors will need to know more about the company. That’s where the breakdown below comes into play.
- Senseonics Holdings is the pharmaceutical company behind the Eversense CGM system.
- This is a sensor for patients with diabetes that is placed under the skin.
- That sensor is long-term and a rechargeable transmitter is placed above it to receive data.
- Patients can go for 90 days at a time when using the device to monitor their glucose levels.
- The sensor and transmitter also work with an app that patients can download on their smartphones.
- This app allows for real-time tracking of glucose levels with updates every five minutes.
- Senseonics Holdings is also working on a 180-day version of the Eversense CGM system.
- However, it’s waiting for approval from the U.S. Food and Drug Administration (FDA) before it can launch the product.
- Its application approval was delayed due to the current focus on applications related to the novel coronavirus.
- Even so, the company said earlier this week that it expects the application to be approved by the end of Q2 2021.
SENS stock was up 56.3% in pre-market trading on Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.