Simply minutes into the day’s session, and Senseonics Holdings (NYSEMKT:SENS) already eclipsed its day by day common buying and selling quantity. However with no actual information to report on the corporate’s goings on, what might be driving SENS inventory increased so rapidly immediately? Say it with me now: r/WallStreetBets.
Senseonics is a small, Maryland-based pharma firm, which specializes within the improvement of merchandise made to ease the burden of diabetes monitoring.
Notably, the corporate is behind the one FDA accepted long-term steady glucose monitor, Eversense.
Just lately, the corporate noticed shares rocketing on information of a promising trial. A 180-day study of the corporate’s main and secondary glucose displays reveals promise within the efficacy of implanted monitoring merchandise. Consequently, the inventory shot up over 30%. Nonetheless, this research’s outcomes are previous information. What’s behind the large motion immediately with no bulletins since then?
SENS Inventory Boosted Off of r/WallStreetBets Chatter
The corporate’s inventory may fly underneath the radar of many buyers. Nonetheless, with 25% of its float being short, retail buyers are smelling it out like a bloodhound.
The Reddit message board is exhibiting curiosity in getting SENS inventory immediately. Mentions of SENS on the subreddit are growing over 1,500% within the final 24 hours. Customers are commenting on the excessive quick curiosity, and loading up shares in anticipation of a squeeze.
r/WSB continues to astonish with its extremely environment friendly mobilization of customers. Traders are proving week in and week out their potential to rotate to totally different shares, squeezing Wendy’s (NASDAQ:WEN) on Wednesday after which shifting to Geo Group (NYSE:GEO) on Thursday earlier than touchdown on SENS immediately, with numerous different pumps occurring on the identical time. They’re working so quick, squeezes from days in the past really feel like previous information as in comparison with the GameStop (NYSE:GME) and AMC Leisure (NYSE:AMC) sagas.
Mentions on r/WSB may be beginning to perk up, however 40 million SENS shares have modified fingers towards the 25 million day by day common. SENS inventory is up by over 8.7%, with shares buying and selling at $3.93 to date.
“It’s acquired all of the makings of a profitable meme inventory breakout. Single-digit inventory. Small float of simply 280 million shares. Excessive quick curiosity with 25% of that float offered quick. Tons of retail chatter. That’s the identical recipe which induced GameStop, AMC, Clover and others to interrupt out. Appears like we’re getting the identical factor right here with SENS. However, be warned, it appears like hype meme play alone — which means it should pop, after which drop. In the event you get in for the experience, be ready to get out within the close to future.”
On the date of publication, Brenden Rearick didn’t have (both straight or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.