Irhythm Technologies (NASDAQ:IRTC) stock is rising higher Monday alongside heavy trading of the shares.
Let’s dive into that news, as well as what else traders need to know about IRTC stock below!
- First off, the company’s roughly 2 million shares of its stock change hands as of this writing.
- That’s already above the company’s daily average trading volume of about 477,000 shares.
- This comes despite any official news from the company.
- Instead, it looks like holders of ITRC stock have Novitas Solutions to thank for today’s rise.
- Novitas Solutions is a Medicare Administrative Contractor (MAC).
- BTIG analyst Marie Thibault says that Novitas recently updated its reimbursement rates.
- That includes External Electrocardiographic Recording CPT codes 93243 and 93247.
- The new rates are $222 and $232 and retroactively go into effect on Jan. 1, 2022.
- For the record, the old rates were $103 and $115 and were set back in April 2021.
- While iRhythm has yet to comment on the matter, this looks like good news for IRTC stock.
- Irhythm Technologies is a digital healthcare company focused on cardiac arrhythmias.
- This has it seeking to be a leader in the ambulatory electrocardiogram space.
- It plans to do so through its “wearable biosensing technology with cloud-based data analytics and machine-learning capabilities.”
- The company was founded in 2008 and is based out of San Francisco, Calif.
- Quentin Blackford leads the company as president and CEO and has been with it since last year.
- Prior to that, he was the COO at DexCom (NASDAQ:DXCM).
- Irhythm Technologies market capitalization is $3.764 billion.
IRTC stock is up 25.7% as of Monday afternoon.
There’s more stock market news for investors to sink their teeth into below!
We’ve got all the most recent stock coverage that traders need to know about for Monday. That includes sports betting stocks falling, PayPal (NASDAQ:PYPL) crypto plans, and FuboTV (NYSE:FUBO) earnings. You can get up to speed on these subjects at the following links!
More Stock Market News for Monday
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- fuboTV Just Reported Q4 Results: 7 Things to Know as FUBO Stock Slips
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
