Myomo Inc (NYSEAMERICAN: MYO) is having an incredibly strong day in the market today, and for good reason. The company, known for creating wearable medical robotics released news with regard to potential coverage by Medicare that is exciting investors. Today, we’ll talk about:
- The medicare news;
- what we’re seeing from the stock;
- and what we’ll be watching for with regard to MYO ahead.
MYO Runs For The Top On Medicare News
As mentioned above, Myomo is having an incredibly strong start to the trading session this morning after announcing medicare news. In a press release issued by the company early this morning, the company announced that the Centers for Medicare & Medicaid Services has published a favorable preliminary decision surrounding the company’s application for Healthcare Common Procedure Coding System “L” codes. In the release, MYO said that it filed its application in December of 2017 in an attempt to have CMS establish two new level II HCPCS codes to describer “microprocessor-controlled, custom fabricated upper extremity braces. In a statement, Dr. Brandon Green, CMO at MYO, had the following to offer:
We are very grateful to CMS and the whole HCPCS Workgroup for their preliminary decision to assign L Codes for our MyoPro line of powered orthoses… The MyoPro has already helped so many patients with neurological/neuromuscular injury and illness by supporting their weakened arms, restoring control over their range of motion, reducing their healthcare costs, and giving them back their independence. It is important for clinically qualified Medicare and Medicaid beneficiaries to have access to this technology, too.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In this particular case, the news proved to be overwhelmingly positive. After all, with Medicare & Medical Services providing a favorable response to the company, its wearable technologies will be accessible to more patients. So, it’s no surprise to see that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:14), MYO is trading at $3.63 per share after a gain of $0.49 per share or 15.61% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MYO. In particular, we’re interested in following the story surrounding the company’s work to bring wearable technologies to patients in need. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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