Senseonics (SENS) - Get Report shares surged Friday after the medical technology company, which at one time was labeled a meme stock, said it saw positive results from a study evaluating the accuracy and safety of its next generation continuous glucose-monitoring system.
Senseonics shares were up more than 30% after the Maryland-based company said study results for both a primary and secondary glucose sensor - referred to as an SBA sensor - showed promising preliminary results.
The study was designed to evaluate the Senseonics' Eversense CGM System in people with diabetes over a 180-day period and was the basis of the premarket application submissions to the U.S. Food and Drug Administration and to BSI for CE mark in Europe, according to the company.
Senseonics and other less-known medical technology companies made headlines in early February on the back of the so-called meme-stock, Reddit-driven rally that initially began with the likes of GameStop (GME) - Get Report, AMC Entertainment (AMC) - Get Report and BlackBerry (BB) - Get Report.
That activity has resumed in the past week as retail investors continue to look to the likes of AMC, Bed Bath & Beyond (BBBY) - Get Report, Koss (KOSS) - Get Report and others in the hopes of turning a quick profit, oftentimes irrespective of fundamentals or valuations.
Senseonics last month posted a first-quarter loss of $249.5 million, or 68 cents a share, vs. a loss of $42.6 million, or 21 cents a share, a year earlier. Revenue, however, rose to $487 million from $31 million in the first quarter of 2020.
Senseonics focuses on developing and commercializing long-term implantable continuous glucose monitoring systems, known as CGMs, for patients with diabetes.
At last check, shares of Senseonics were up 30.24% at $2.67.