ReShape Lifesciences Inc (NASDAQ: RSLS) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced new data surrounding its ReShape Balloon that proved to be positive. As you could imagine, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The data;
- what we’re seeing from RSLS stock as a result; and
- what we’ll be watching for ahead.
RSLS Heads Up On New Data
As mentioned above, ReShape Lifesciences is having an incredibly strong start to the trading session this morning after the company released new data. In a press release issued early this morning, the company provided new data supporting increased weight loss related to the use of its ReShape Balloon interactive web portal. The data was shared in a poster presentation at the 23rd World Congress of the International Federation for the Surgery of Obesity and Metabolic Disorders (IFSO).
In the release, RSLS said that all patients who received the ReShape Balloon were offered the vonluntary and confidential ReShape web portal. The portal would allow patients access as frequently as desired. The study followed 549 patients with an average initial BMI of 37 kg/m2 who were registered on the portal.
RSLS said that the study concluded that at 3, 6 and 12 months, there were statistically siginficant correlations between the amount of weight lost and engagement on its proprietary portal. Also, the company said that the weight loss was maintained and for those using the portal, continued to improve for at least 6 months after balloon removal.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of RSLS, the news proved to be overwhelmingly positive. After all, positive data means that the company’s efforts to expand upon its ReShape Balloon product will likely be accelerated. So, it comes as no surprise that excited investors are excited, sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:33), RSLS is trading at $0.05 per share after a gain of $0.011 per share or 22.20% 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 surrounding the company’s continued work to expand the ReShape Balloon product following this positive news. Nonetheless, we’ll continue to keep a close eye on the news and bring it 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!