Is Senseonics (SENS) stock a Buy After The Recent Pullback?
6:32 am Thursday, June 03rd, 2021
The Senseonics (NYSEAMERICAN:SENS) stock has performed quite impressively over the course of the past six months or so and considering the sort of gains it has generated in that time, it could be worthwhile for investors to take more of an interest in the company.
Last year, the stock was trading below 50 cents a share but in 2021 a fire was lit on to the Senseonics stock by the retail traders from the Reddit community WallStreetBets. The resultant short squeeze took the Senseonics stock to as much as $6.20 a share back in January this year. However, the stock has corrected quite sharply since then and is now trading around the $2 a share level.
Hence, it is time to figure out if the current level of the stock could prove to be a buying opportunity for both existing and new investors. The company is involved in the development of products that are meant for diabetes patients.
The flagship product of the company is known as Eversense which is meant for providing CGM or continuous glucose monitoring. The product is non-invasive in nature and that represents a major leap forward when it comes to glucose monitoring products. That being said, it is necessary to remember that there are other companies which have also come up with similar products.
Hence, the commercial success of Eversense is seen as the main catalyst for the long-term growth of the company and its stock. In this regard, it is necessary to point out that the company has struck up a key partnership with Ascensia Diabetes Care. Ascensia, which is a unit of Bayer, has not only invested in Senseonics but has also started distributing the product in many geographies, which includes Europe. It is beloved that this partnership might actual come as a major boost for Eversense and help in the growth of Senseonics.
