STAAR Surgical Company (NASDAQ: STAA) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it has received FDA approval, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:
- The approval;
- what we’re seeing from STAA; and
- what we’ll be watching for with regard to the stock ahead.
STAA Announces FDA Approval
As mentioned above, STAAR Surgical is having an incredibly strong start to the trading session this morning after announcing an FDA approval. In a press release issued early this morning, the company said that the FDA has granted approval of its PMA Supplement surrounding Visian Toric ICL for the correction of myopia with astigmatism.
This is an overwhelmingly important approval as it represents a meaningful expansion of the Implantable Collamer Lens (ICL) product by STAA. The ICL is for the correction of refractive error in patients with both myopia and astigmatism, both of which are common in the United States, affecting about 30% of the population.
In a statement, Caren Mason, President and CEO at STAA, had the following to offer:
FDA’s approval of STAAR’s Visian Toric ICL in the U.S. provides an exciting treatment option for myopic patients with astigmatism in search of visual freedom. We are thrilled to be able to offer this lens in the United States and look forward to officially making the Visian Toric ICL available to U.S. surgeons for their patients on November 1st, 2018.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to invest is that the news moves the market. In the case of STAAR Surgical, the news proved to be overwhelmingly positive. After all, this FDA approval will greatly expand the company’s Visian Toric ICL product audience, potentially leading to strong growth in revenue. So, it comes as no surprise that excited investors are pushing 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 (8:19), STAA is trading at $55.10 per share after a gain of $4.45 per share or 8.70% 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 STAA. In particular, we’re interested in following the company’s continued work surrounding its Visian Toric ICL product following the FDA approval. 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!