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Senseonics Soars on Positive Glucose-Monitoring Test Study Results

Senseonics shares surge after the medical technology company and one-time meme stock reports positive test results for its glucose-monitoring system.

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.

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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.