EnteroMedics Inc (NASDAQ: ETRM)
EnteroMedics is having yet another incredible day in the market today. This is following up on the massive gains that we saw yesterday. When the opening bell rang this morning, the stock was already trading well into the green. From there, the stock has continued an aggressive upward movement with volume that's far above average. Below, we'll talk about what's happening, why, and what we'll be watching for with regard to ETRM ahead.
What We're Seeing From ETRM
As mentioned above, EnteroMedics is continuing on the massive gains that we saw yesterday from the stock. Today, when the trading session started, the stock already had a nice leg up. However, it didn't stop there. As soon as the bell rang, the upward movement continued, speeding up throughout the session. Currently (9:14), ETRM is trading at $9.14 per share after a gain of $5.17 per share (130.23%) thus far today.
Why The Stock Is Climbing
Our partners at Trade Ideas have been lighting us up about ETRM throughout the past few trading sessions. Since then, we've been watching the stock closely and combing through various news. In this particular case, the reason for the gains is overwhelmingly clear. Early yesterday, the company released news, and the movement we're seeing is a reaction to that news.
The news surrounded EnteroMedics' vBloc(R) Neurometabolic Therapy. According to the release, the therapy has now been implanted at two additional vBloc Institutes. Those institutes include Medstar Health and Roper St. Francis. This means that these two institutes are now the twelfth and thirteenth vBloc institute programs that have integrated vBloc Therapy and the vBloc Achieve care delivery programs into their practices to fight obesity.
What We'll Be Watching Ahead
Moving forward, the CNA Finance team will be watching ETRM closely. Following the 1 for 70 reverse stock split, there were concerns. However, with overwhelmingly positive news coming out lately, things are definitely headed in the right direction. We'll watch the news closely and bring it to you as it breaks!
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