Why NeuroMetrix (NURO) Stock Is Soaring Today

NEW YORK (TheStreet) -- NeuroMetrix  (NURO) soared Tuesday after the FDA cleared the medical device company's wearable technology for over-the-counter use in treating chronic pain.

The FDA granted 501(k) clearance for the device, which is in late-stage development. It uses electrical stimulation of sensory nerves to relieve pain. The company said in a statement the technology is lightweight and can be worn during the day and while sleeping. 

NeuroMetrix expects to release the product in 2015.

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The stock was up 39.15% to $2.63 at 10:13 a.m. More than 4.3 million shares changed hands, compared to the average volume of 122,471.

NURO Chart

NURO data by YCharts

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