The carnage in the Senseonics Holdings (NYSEAMERICAN:SENS) stock continued yesterday as investors continued to exit the medical technology stock. It declined by as much as 13% on Monday and that took the cumulative decline over the course of the past week to as much as 40%.
Trading Data
On Monday, SENS stock slid 12.80% to $2.11 with more than 34.83 million shares, compared to its average volume of 11.76 million shares. The stock moved within a range of $2.1000 – 2.3500 after opening trade at $2.29.
Senseonics Announces FDA Approval of the Eversense® E3 Continuous Glucose Monitoring System for Use for Up to 6 months; Provides 2022 Business Outlook
In light of such an alarming decline, it may be time for investors to figure out whether the fall in the stock price could be an opportunity or not. Despite the fall in the stock price, it cannot be ignored that earlier on this week the company actually made a major announcement with regards to one of its products.
Senseonics announced on February 11 that its advanced Eversense® E3 CGM System was awarded the coveted approval by the United States Food and Drug Administration. It goes without saying that it was a major new development for the company and could prove to be a significant long term boost.
However, it did not lead to much positivity among investors and the stock continued to bleed. It is now going to be interesting to see if the stock can make a comeback over the course of the coming days or not.
Key Quote
“We repeatedly hear from our patients with diabetes that what they desire is a long-lasting sensor that is also highly accurate,” said Satish Garg, M.D., Professor of Medicine and Director of the Adult Diabetes Program at the Barbara Davis Center of the University of Colorado, and the Principal Investigator of the PROMISE Study1, which formed the basis for the FDA approval.
Technical Data
SENS stock is trading below the 20-Day and 50-Day Moving averages of $2.90 and $2.78 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.11.
