On February 10, NeuroMetrix Inc. (NURO) stock soared high after hours to gain 10.39%. No official news or filing seems to be responsible for the stock’s upward movement.
During the regular trading session, the stock remained bullish with a slight gain of 1.99%. NURO closed the session at $4.62 with 1.52 million shares exchanged. The stock bullish momentum increased in the after-hours as it reached $5.10 at an after-hours volume of 202.77K shares.
The diagnostic and therapeutic neurostimulation-based medical devices developer, NeuroMetrix Inc. was founded in 1996. Currently, the company has a market capitalization of $31.67 million with 6.99 million shares outstanding.
What is Happening with NURO?
NURO stock has been bullish since yesterday. While it was gaining mildly before, the momentum increased in the after-hours on Thursday. There is no recent announcement or SEC filing from the company to explain the stock’s movement. It seems the stock is moving due to external factors. Therefore, social media discussions or stock sentiment might have something to do with its bullishness.
In the past five days, NURO stock has been able to add 5.24% while it has lost 7.97% year to date. Moreover, the stock added a value of 6.70% in the past year.
Recent Financial Results
On January 27, the company declared its financial results for the fourth quarter and full-year 2021.
NURO reported revenue of $1.8 million for Q4 and $8.3 million for full-year 2021. While the Q4 revenue marked a very slight increase YOY, fiscal 2021 revenue increased by 11.9% YOY.
Furthermore, the company had a net loss of $1.0 million or $0.15/share in Q4 2021, against $326K or $0.09/share in the year-ago period. The full-year 2021 net loss was $2.3 million or $0.45/share. Comparatively, the net loss in the previous year was $2.1 million or $0.69 per share.
NURO’s FDA Breakthrough Designation
On January 18, the company announced receiving Breakthrough Designation from the U.S. Food and Drug Administration. FDA awarded the designation to NURO’s Quell® for reducing moderate to severe symptoms of persistent chemo-induced peripheral neuropathy (CIPN).
CIPN is a complication resulting from treatments with commonplace chemotherapy drugs like vincristine and cisplatin. CIPN causes many troubling symptoms like balance impairments, sleep troubles, pains and cramping in hands and feet, etc.
The designation was given to the company based on the data from a study of the safety and effectiveness of Quell for CIPN. Quell is a non-invasive neuromodulation technology.
