NeuroMetrix Inc. (NASDAQ:NURO)
NeuroMetrix Inc. (NURO) a medical device company today announced positive clinical study results for Quell Wearable Pain Relief device in subjects with chronic pain. The study showed significant improvement in chronic pain and overall health of patients.
NeuroMetrix CEO’s Comments
“We are pleased with these results. They represent the first formal evaluation of self-administered wearable intensive nerve stimulation (WINS). Quell provided substantial pain relief and improvement in quality of life measures. The primary outcome measure was impressive with 81% of subject’s rating Quell therapy as improving their chronic pain and overall health. We were not surprised that two-thirds of the subjects reduced their use of pain medications, as we have consistently received this anecdotal feedback from Quell users over the past several months,” said Shai N. Gozani, M.D., Ph.D. President and CEO of NeuroMetrix, Inc. “We look forward to completing data analyses and publishing the results.” Business Wire
NURO Technical Analysis
NURO gapped up in price today to $1.21 up from yesterday’s close of $0.93 which is a 30% increase in price based on favorable news. Taking a look at the daily chart the last time the stock traded above this level was on May 13 when it closed at $1.36. The stock has been on a downward trend dating back to March 24 when it traded at $1.76. During the downward trend there were two spikes up on April 28 when it hit $1.46 and the May 13 price stated above. Today in pre-market the stock ran up to $1.55, but retraced $0.34 to the open price of $1.21. This worries me a bit as it shows the stock may be overextended at these levels. For trading purposes I would use the pre market high levels as my entry point rounding it down a bit to $1.50. My stop loss would be the gap up price of $1.21 anything below that and I fear that the stock will fill in the gap up.
NeuroMetrix, Inc., a medical device company, develops and markets products for the detection, diagnosis, and monitoring of peripheral nerve and spinal cord disorders, such as those associated with carpal tunnel syndrome, lumbosacral disc disease and spinal stenosis, and diabetes. The company develops wearable medical technology and point-of-care tests that help patients and physicians manage chronic pain, nerve diseases, and sleep disorders. Its marketed products include Quell, a wearable device for relief of chronic pain, such as nerve pain due to diabetes and lower back problems; the SENSUS pain therapy device, a prescription neurostimulation device based on transcutaneous electrical nerve stimulation for relief of chronic, intractable pain; DPNCheck, a test used to evaluate systemic neuropathies, such as diabetic peripheral neuropathy; and ADVANCE NCS/EMG system, a platform for the performance of traditional nerve conduction studies and invasive electromyography procedures for the assessment of carpal tunnel syndrome. The company distributes its products through its direct sales force and independent sales representatives to physicians, clinics, hospitals, managed care organizations, retail health businesses, and independent distributors consisting of primary care, internal medicine, orthopedic and hand surgeons, pain medicine physicians, neurologists, physical medicine and rehabilitation, physicians, and neurosurgeons primarily in the United States, Europe, Asia, and the Middle East. NeuroMetrix, Inc. was founded in 1996 and is headquartered in Waltham, Massachusetts. Yahoo Finance