The medical devices space has managed to draw considerable attention from investors in recent times and investors looking into medical device company this morning could consider tracking the ReWalk Robotics Ltd (NASDAQ:RWLK) stock.
Trading Data
On Thursday, RWLK stock fell 1.53% at $1.29 with more than 1.18 million shares, compared to its average volume of 12.55 million shares. The stock has moved within a range of $1.2700 – 1.3300 after opening the trade at $1.32.
FDA News
The stock has come into sharp focus during premarket trading period today and has already managed to clock gains of as much as 45% amidst heavy interest. The rally in the stock has come about after it emerged yesterday that ReWalk Robotics’ ReBoot device was granted Breakthrough Device designation by the United States Food and Drug Administration.
It goes without saying that it was a major milestone for the company and hence, the excitement among investors is perhaps understandable. The device in question is described battery powered and light weight orthotic exo-suit and helps with the ambulatory functions of those who may be suffering from a reduction in ankle functions. In addition to that, it is also necessary to point out that the device can be customised for each user and that is another aspect of the product that makes it an interesting prospect. In light of the gains made by the stock in the premarket trading period, investors could consider adding ReWalk to their watch lists.
Key Quote
“Breakthrough device designation from the FDA is a critical milestone for the ReBoot, as it provides a more streamlined review pathway that can get this uniquely innovative device to market faster,” said Larry Jasinski, CEO of ReWalk. “The ReBoot will give stroke survivors a device customizable for each individual user, giving them the opportunity for regular assistance at home and in the community. ”
Technical Data
RWLK stock is trading below the 20-Day and 50-Day Moving averages of $1.35 and $1.43 respectively. Moreover, the stock is trading below 200-Day moving average of $1.95 The stock is down 9% in the past 3-month.
