We first covered Senseonics (SENS) a few weeks ago explaining to our readers why it’s better than it’s competitors. Since then, the price has risen up quite a bit, investors are finally catching on.
Senseonics develops an implantable continuous glucose monitoring device for diabetes. The company has been hit with bullish momentum after the market opens because of Presidents Day.
SENS stock closed at $4.15 on Friday, now the stock continues to hit new 52-week highs. The stock is nearly up 320% since the start of the year.
Why is SENS stock going up?
One of the reasons SENS is a popular among investors is because of the anticipated near term FDA approval of their 180-day device, the Eversense CGM system is thought to be an innovative disruptive technology among penny stock investors.
As we wrote in our previous article, the sensor is implanted under the skin one benefit this provides are free movement of the arm. The transmitter is then laid upon the area where the sensor is implanted making it easier for it to be removed with no additional costs, unlike DexCom (DXCM).
The rapid success of the company has catapulted it’s stock to the forefront of investors, however not all investors are catching up so their is still time to get in on this in my opinion. Senseonics has already announced that it expects to receive FDA approval for the new Eversense CGM system by the second quarter of 2021, which accounts for much of the stock’s recent success.
The bottom line is that right now this stock should be added to your watchlist, if their new Eversense CGM devices get approved (180-day and 360-day) then I expect that this company will grab major market share from it’s competitors like DexCom and Medtronic (MDT). I predict the price will be above $10 if the 180-day device gets FDA approved and above $40+ if the 360-day device gets approved.
Since the stock is now above $5, it is plausible that institutional investors are eyeing SENS stock.