One of the most popular investment plays in recent times has been the ones related to companies that are working on products meant for tackling the coronavirus pandemic. One company that has come into sharp focus this week on the back of its COVID 19 related device is electroCore, Inc. (NASDAQ:ECOR).
Update on COVID-19 Device
Late Thursday, the company provided an update on its gammaCore Sapphire CV device. The company stated that it is now ready to make the device available to those who are suffering or suspected to be suffering from COVID 19. It is a major development for the company considering the fact that the coronavirus pandemic is far from over and the market for such products is expanding every day.
The market acknowledged the possibilities of the Sapphire CV device as well and soon enough the stock started rallying. This morning, the electroCore stock has rallied by as much as 90%. In such a situation, it could be worthwhile for investors to keep the electroCore stock in their watch lists and keep an eye on its movements. It remains to be seen if the stock can manage to add to its gains today and end the trading week on a high.
The company further stated that it is aiming to make Sapphire CV as easily available to patients, hospitals, and doctors. To that end, it has joined hands with the national level distributor Premier Pharmacy Services. Investors should also notice that the list price of the device is pegged at $1750 each but the company is all set to make it available to all its customers for only $1250 until electroCore indicates otherwise. However, that is not the end of it.
The company is also aiming to set up a telehealth service for those who are looking to buy the product. Due to the availability of such a service, the company hopes to process and fulfill prescriptions immediately. The company stated that it is going to provide the information with regards to the telehealth service at a future date.
However, this is not the first time that the electroCore recorded a remarkable rally this month. Earlier this month, the stock rallied by as much as 142% after the company provided an update with regards to an emergency authorization of the Sapphire CV device from the United States Food and Drug Administration.
The company announced that it had been awarded the Emergency Use Authorization by the FDA and it goes without saying that it was a massive boost for a number of reasons. The authorization allows the product to be used in hospitals and also in homes. That being said, it is not the equivalent of FDA approval.
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