Today’s Research Reports on Stocks to Watch: ReWalk Robotics and Omeros Corporation
ReWalk Robotics shares exploded this past Friday as investors still cheered after last week’s Florida court ruling that Blue Cross Blue Shield of Florida must provide coverage of the company’s exoskeleton system for a plan member that has a spinal cord injury. Shares of Omeros Corporation also continued to soar higher after the FDA granted the company’s OMS721 breakthrough therapy designation.
RDI Initiates Coverage on:
ReWalk Robotics Ltd.
ReWalk Robotics Ltd. shares closed up 13.04% on Friday on volume a lot higher than usual. There was no significant news to explain the volume spike and the breakout for the leading manufacturer of exoskeleton systems, but the company did announce last week that a Florida court has ruled that Blue Cross Blue Shield of Florida must provide coverage of a ReWalk exoskeleton system for a plan member with a spinal cord injury. This was significant news for ReWalk and its robotic exoskeleton. The Judge concluded: "The ReWalk and other exoskeleton devices have been studied extensively. They have been tested in different environments and on many different individuals. They are already used extensively even as testing continues." CEO Larry Jasinksi commented, "The recent Florida ruling is significant and consistent with the growing body of established scientific data that supports the value of exoskeletal walking. We are encouraged by the chorus of experts who are supporting paralyzed individuals in their appeals processes, and heartened by the trend of coverage rulings that continues to increase in states across the U.S. It is our fervent hope that insurance companies will stop this arduous process of appeals and formulate standard operating policies for coverage of all eligible SCI plan members."
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Omeros Corporation shares closed up 7.22% on Friday and hit a new high of $25.10 during intra-day trading. The stock has been on a gaining frenzy since the FDA granted breakthrough therapy designation to the company’s lead pipeline candidate OMS721. It’s been three days of gains for Omeros since the news and three days of new highs each day. OMS721 is being evaluated for the treatment of Immunoglobulin A nephropathy, which is a disease that affects how the kidneys filter wastes from the blood. The FDA made their decision after phase II study data revealed that an average reduction of 77% in urine albumin-to-creatinine ratios and a 73% mean reduction in 24-hour urine protein levels after 12 weeks of treatment with OMS721. The stock has now seen gains of over 139% YTD.
Access RDI’s Omeros Corporation Research Report at:
Our Actionable Research on ReWalk Robotics Ltd. (NASDAQ: RWLK) and Omeros Corporation (NASDAQ: OMER) can be downloaded free of charge at Research Driven Investing.
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