Following a huge gain of 64.03% in regular trading, ElectroCore Inc. (ECOR) fell under corrections in the after-hours on Wednesday. The stock gained big on the news of Breakthrough Device Designation.
During the regular session, ECOR stock varied between a high of $0.9800 and a low of $0.5629. The news caused the stock to close the session at $0.8800 on Wednesday. Consequently, the stock lost 13.58% to corrections in the after hours. Hence, ECOR was trading at $0.7605 apiece in the after-hours at a volume of 2.9 million shares.
The non-invasive vagus nerve stimulation (nVNS) therapy solutions provider, ElectroCore Inc. (ECOR) has a market capitalization of $37.93 million). Currently, the company’s outstanding shares in the market are 70.7 million.
What Happened to ECOR?
On January 12, ElectroCore Inc. announced receiving Breakthrough Device Designation for its gammaCoreTM nVNS device. The news caused investors to flock towards the stock, making it soar at a huge volume of 79.44 million. The day’s volume was a humungous 4,218% of its 65-day average of 1.88 million. Consequent to the announcement, ECOR made a big jump of over 64% in the regular session. Given the huge gain, the stock was bound to fall under corrections. Subsequently, the stock succumbed to corrections in the after-hours on Wednesday.
Looking at the bigger picture, ECOR had added a good 57.42% in the past five days and 31.34% last month. Moreover, the year-to-date gain of the stock stands at 51.05% while it lost 47.62% last year.
GammaCoreTM (nVNS) Device
ECOR’s GammaCoreTM is the first non-invasive hand-held medical therapy that can be self-administered. The device causes the reduction of various kinds of pains in patients including migraine and cluster headache.
Recently, in a sham-controlled study, gammaCore demonstrated 31% reductions in symptoms of PTSD. Based on this, the U.S. FDA granted Breakthrough Device Designation to the device for the treatment of post-traumatic stress disorder.
Every year, almost 15 million adults suffer from PTSD in the U.S., according to the Department of Veterans Affairs National Center for PTSD. Currently, PTSD treatments involve medication and psychotherapy that come with limitations and side effects. Moreover, patients have been known to show unwillingness to psychotherapy treatments due to fear of reliving the traumatic memories. Hence, gammaCore brings a breakthrough solution that is cost-effective, non-invasive, safe, and has lower side effects.
ECOR’s Financial Highlights
In the third quarter of 2021, ECOR had a net loss of $4.0 million on net sales of $1.5 million. Comparatively, net loss was $4.5 million on net sales of $1.1 million in Q3 of 2020.
