Neuronetics (NASDAQ:STIM) stock is taking off on Tuesday after the company announced approval from the U.S. Food and Drug Administration (FDA) for a new use of its NeuroStar Advanced Therapy for Mental Health.
NeuroStar Advanced Therapy for Mental Health is the company’s transcranial magnetic stimulation (TMS) system. It’s designed to treat a collection of neurohealth disorders that are resistant to normal medications.
The new approval from the FDA clears Neuronetics to use NeuroStar to treat anxiety symptoms in patients suffering from major depressive disorder (MDD). The approval comes after the company provided real-world results from treating “664 anxious depression patients.”
Keith Sullivan, president and CEO of Neuronetics, said the following about the news:
“Many people suffering from MDD also experience anxiety symptoms, and these patients with anxious depression are more likely to be severely depressed and to have more thoughts of suicide. This new indication means providers can now describe to MDD patients the benefit of NeuroStar for improving their anxiety symptoms.”
Today’s news has STIM stock seeing heavy trading. As of this writing, more than 20 million shares of the stock have changed hands. That’s well above its daily average trading volume of about 296,000 shares.
STIM stock is up 11.9% as of Tuesday morning but is still down 10% since the start of the year.
Investors seeking out more of the latest stock market news will want to stick around!
We’ve got all the hottest stock news traders need to know about for Tuesday! That includes what’s happening with Applied Blockchain (NASDAQ:APLD) and IBM (NYSE:IBM) shares, as well as this morning’s biggest pre-market stock movers. You can check out all of that news at the links below!
More Tuesday Stock Market News
- Why Is Applied Blockchain (APLD) Stock Up 27% Today?
- IBM Stock Falls 6% Despite Beating Estimates
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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On the date of publication, William White did not hold (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.