ReWalk Robotics Ltd. (NASDAQ: RWLK)
ReWalk Robotics Ltd. (RWLK), a medical device company yesterday announced that the U.S Department of Veterans will issue a national policy stating that they will provide ReWalk Personal exoskeletons for all qualifying veterans. The policy is exclusive to ReWalk Robotics exoskeletons. This is the first national policy for people who suffer from spinal cord injuries. Shares have more than doubled up 114% as of Thursday afternoon trading.
ReWalk Robotics Ltd. CEO’s Comments
“This historic policy will provide access to our life-changing technology for thousands of veterans across America,” said ReWalk CEO Larry Jasinski. “We want all U.S. veterans with a spinal cord injury to know that they now have a path to securing their own ReWalk Personal exoskeleton system. The policy outlines a sound process to educate, train and importantly, to provide individual veterans with a ReWalk Personal device so that they may walk at home and in the community. We expect this landmark national policy will substantially improve the health and quality of life of many veterans in the years ahead,” Jasinski added. “We are also very pleased that the VA’s fundamental clinical research conclusively demonstrated that there are significant medical benefits associated with enabling an individual with a spinal cord injury to walk again,” Jasinski said. “Based on their data, the VA’s national policy now defines use of an exoskeleton as the standard of care for qualifying veterans with spinal cord injury. We are hopeful the VA policy will pave the way for additional positive national coverage decisions.” PR Newswire
RWLK Technical Analysis
RWLK gapped up in price yesterday to $7.82, up from the prior day’s close of $6.00, which is a 30% increase on the favorable news. Taking a look at the daily chart, we can see the last time RWLK traded above this price level was on November 25th, when it traded at $8.01. Taking a further look back on the daily chart we can see that RWLK has been on an overall decline dating back to December 23, 2014 when it traded at its 52 week high price of $23.50. RWLK stock was in a decline all year based on slow revenue growth and slow progress getting insurance coverage. The next possible resistance level for the stock would be $11.80 reached on August 4th. If it can break through that level then we would be looking at $13.60 reached on May 26th as the next possible resistance. RWLK has a low float of 6.50 million shares and is trading 196 times the normal daily trading volume. RWLK did reach pre market highs of $8.63, but gave back $0.81 at the open, or equivalent to 9%. For trading purposes, my entry point would have been $8.00 looking for a run to $10, my stop loss would have been $7.80, fearing anything below that and the stock would start to fill in the gap up.
Company Profile
ReWalk Robotics Ltd., a medical device company, designs, develops, and commercializes exoskeletons for wheelchair-bound individuals. The company offers ReWalk Personal for everyday use to individuals at home and in their communities; and ReWalk Rehabilitation for exercise and therapy to individuals with lower limb disabilities in the clinical rehabilitation environment. It is also developing ReWalkQ for individuals with quadriplegia. ReWalk Robotics Ltd. markets and sells its products directly to institutions and individuals in Germany and the United States, as well as through third-party distributors in other markets. The company was formerly known as Argo Medical Technologies Ltd. ReWalk Robotics Ltd. was founded in 2001 and is headquartered in Yokneam Ilit, Israel. Yahoo Finance