In recent days, the BioCardia Inc (NASDAQ:BCDA) stock has been one of the more notable movers and the situation remained the same on Thursday as the stock ended up with gains of 27%. However, that is not all. The gains made yesterday took the cumulative gains for the past week to as much as 40%.
Trading Data
On Thursday, BCDA stock soared 27.39% to $2.0 with 64.41 million shares, compared to its average volume of 164K shares. The stock moved within a range of $1.9300 – 2.3100 after opening trade at $1.96.
BioCardia Receives FDA Breakthrough Device Designation for CardiAMP Cell Therapy System for Heart Failure
The company is involved in the development of cellular as well as cell derived therapeutics which are meant for treating pulmonary and cardiovascular diseases. Yesterday, the company came into sharp focus after it emerged that the its CardiAMP® Cell Therapy System had been granted the Breakthrough Device Designation by the United States Food and Drug Administration.
It goes without saying that it was a major new announcement from the company and the reaction from investors was perhaps understandable. In addition to that, it ought to be noted that it appears that it was the first device in the cell therapy domain that managed to get that status from the regulatory agency. At this point in time, it could be a good move from investors to consider tracking the stock in the coming days and see if it can continue to hold on to its momentum or not.
Key Quote
“It is exciting for the field of cardiology that the FDA has recognized the potential of a cell therapy to improve the lives of patients struggling with heart failure. Getting this therapy fast-tracked and to patients more quickly than traditional methods would give us new options and a greater armamentarium to assist our patients in need. I am enthusiastic about completing the U.S. pivotal trial of the CardiAMP Cell Therapy to build the body of evidence necessary to support this accelerated FDA path,” said Carl Pepine, MD, MACC, Professor in the Division of Cardiovascular Medicine at the University of Florida.
Technical Data
BCDA stock is trading above the 20-Day and 50-Day Moving averages of $1.73 and $1.88 respectively. However, the stock is trading below the 200-Day moving average of $3.01.
