EnteroMedics Inc (NASDAQ: ETRM)
EnteroMedics is having an overwhelmingly strong start in the pre-market hours today, and for good reason. The company reported its financial results for the fourth quarter and the full year of 2016, impressing investors and causing gains. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to ETRM ahead.
What We’re Seeing From ETRM
As mentioned above, EnteroMedics is having an incredibly strong start to the day today. While we are still in the pre-market hours, the stock is already trading on relatively impressive gains. At the moment (8:56), ETRM is trading at $7.17 per share after a gain of $0.74 per share or 11.51% thus far today.
Why The Stock Is Headed Up
As is almost always the case, our partners at Trade Ideas were the first to inform us of the gains on ETRM. As soon as we received the alert, the CNA Finance team started digging to see exactly why the stock was making a run for the top. It didn’t take long to dig up the story. Ultimately, the gains are the result of the company’s earnings report.
Early this morning, EnteroMedics released its earnings report for the fourth quarter and full year; generating a loss of $2.65 in the quarter. However, investors expected a loss, so, it wasn’t a big hit. The real mover was comments made by Dan Gladney, the CEO at ETRM, here’s what he had to offer…
“2016 was an outstanding year for EnteroMedics marked by substantial progress across multiple fronts as we continued to work toward expanding the reach of vBloc(R) Therapy… Through our expanded agreement with Academy Medical, LLC, the numerous first-hand commercial patient success stories we’ve had the privilege of sharing, and the continued publication of long-term data reinforcing the effectiveness and safety of vBloc Therapy, we have entered 2017 with strong momentum which will be crucial as we execute on our goal of achieving broad reimbursement coverage for this cutting edge therapy. We look forward to sharing our continued progress throughout the year.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ETRM. In particular the company made some impressive moves with vBloc last year and we are interested in seeing what they do this year. Nonetheless, we’ll keep a close eye on the news and continue to bring it to you as it breaks!
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[Image Courtesy of Wikimedia]