On February 17, 2022, shares of Ra Medical Systems Inc. (RMED) made a comeback in the after-hours session. There is no new announcement or SEC filing from the company.
In the previous trading session, the stock suffered a loss of 6.27% at its closing price of $0.39. The stock declined at an active volume of 4.3 million shares during the session. RMED saw a reversal in the after-hours session as it rebounded to reach $0.46 per share. The stock added a value of 17.95% or $0.07 in the after-hours on Thursday.
Founded in 2002, Ra Medical Systems Inc. develops excimer lasers for dermatologic and cardiovascular diseases. Currently, its 26.33 million outstanding shares trade at a market capitalization of $6.88 million.
RMED stock Movement
On February 15, the company filed an amendment on an SC 13G form with the Securities Exchange Commission. The stock had been bullish since the SEC filing. Although the gains were mild, the stock remained in an uptrend for two days. It seems the stock suffered a loss due to a profit booking event from the recent gains on Thursday. Following this, RMED resumed its bullish momentum but with a much higher pace.
A further explanation of the recent bullishness could be the Russia-Ukraine conflict. The stock market is generally down due to the ongoing conflict and increased problems between the countries. Even in situations like these, there are always a few penny stocks that remain bullish and hence attract investors. With the downtrend in the market, it seems investors found RMED as a good penny stock to make some profits.
Latest Patent
Recently, the company announced receiving its 10th U.S. patent from the United States Patent and Trademark Office on February 08, 2022. The patent was granted to RMED for a support catheter used with a small flexible liquid core catheter for laser ablation of blockages for restoring blood flow.
The U.S. patent 11,241,519 B2 is titled Small Flexible Liquid Core Catheter for Laser Ablation in Body Lumens and Methods for Use. This patent further strengthens the company’s intellectual property portfolio for the full commercialization of the DABRA excimer laser system.
RMED’s Financial Overview
In Q3 2021, the company reported net revenues of $5000 from continuing operations and $0.5 million from discontinued operations.
Moreover, the loss was $7.4 million from continuing operations and $0.4 million from discontinued operations in the quarter.
