Reshape Lifesciences Inc (NASDAQ: RSLS) is having an incredibly strong start to the trading session this morning, and for good reason. The company made a coverage announcement surrounding their proprietary ReShape Integrated Dual Balloon technology. Of course, this led to excitement among investors who are sending the stock toward the top. Today, we’ll talk about the announcement, what we’re seeing in the market as a result, and what we’ll be watching for with regard to RSLS ahead.
RSLS Makes Coverage Announcement
As mentioned above, ReShape Lifesciences is having a strong start to the trading session this morning after making an announcement with regard to coverage. The company announced that their ReShape Integrated Dual Balloon technology has been granted employee coverage at a multinational telecommunications operation that provides mobile telephone, fixed telephone and broadband subscription television services. This coverage has been granted through a supplemental coverage policy provided to the company’s employees. While the name of the company that included the ReShape Integrated Dual Balloon technology in its coverage was not mentioned, the company is said to have 260,000 employees around the world. In a statement, Dan Gladney, President, CEO and Chairman of the Board at RSLS, had the following to offer:
“Obesity is an epidemic with a global economic impact of over $2 trillion, and obese adults spend over 40% more on healthcare than those at a healthy weight…. More and more employers are understanding that the welfare and productivity of their companies and their ability to control corporate costs are tied to the health of their workers. We are so excited for ReShape Lifesciences to be recognized as part of the solution for this large corporate entity and we will continue to leverage favorable coverage determinations such as this one to both direct our marketing activities and to obtain additional corporate coverage decisions for our products.”
How The Stock Reacted To The News
As we’ve come to expect, with positive news surrounding RSLS, we’re seeing strong gains in the value of the stock. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:16), RSLS is trading at $1.46 per share after a gain of $0.10 per share or 7.40% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on RSLS. In particular, we’re interested in following the story as the company continues to work toward further payer coverage for their products. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!