Artery Clearing Device Approved by FDA: Makers’ Stock Posting Dramatic Gains
Daily Stock Market Summary: Stocks opened the day lower as the US President continued to sound a pessimistic note concerning the United States’ long-term trade outlook with China. Markets are turning upward now, however, as the Federal Reserve indicated it would allow the inflation rate to temporarily run above their long-range target of 2%. This allowance should lessen the risk of acute market selloffs in case of modest inflation acceleration. After years of struggling to push inflation back to 2%, the Fed argues that a period of overshooting constitutes a “symmetrical” rate policy.
Target (NYSE:TGT) is among the biggest losers among big-name stocks today, sinking after posting disappointing sales numbers. General Electric (NYSE:GE) is also falling sharply, meanwhile, after they predicted no profit-growth for their power business unit this year.
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Today’s Top Performer: Avinger (NASDAQ:AVGR)
Avinger is a commercial-stage medical device company focused on the development of a cluster of products for use in treating peripheral artery disease (PAD). Their stock is posting dramatic gains today after the announcement of FDA clearance for the firm’s Pantheris Lumivascular atherectomy system. Pantheris is the first such device with full real-time intra-vascular imaging capabilities. Combined with a catheter-based treatment device, the Pantheris can effectively simultaneously diagnose and treat PAD in patients. The condition is estimated to affect around 20 million Americans.
Already successfully in use in Germany, the device is now cleared for use in the United States. Investors are buying up AVGR on massive volume on the news. Their stock jumped as much as 90%, 80% at the time of this writing. Like several of our recent Top Performers, today’s action for AVGR represents a return to grace for a stock that has struggled over the past several years: it routinely traded above $600 as recently as Spring 2016.
Pharmaceutical stocks continue to be a consistent source of profits for News Quantified users. Between regulatory events like today and major research outcome announcements, there are myriad opportunities to cash in on dramatic price action from this volatile sector.