Senseonics Holdings (SENS) Attempts To Bounce Back: Should You Buy?
11:26 am Thursday, August 19th, 2021
Back in June, the meme stock rally returned with considerable strength and there were many stocks which were caught up in it. One of those stocks was that of Senseonics Holdings (NYSEAMERICAN:SENS). The short squeeze fuelled a rally in the stock was understandable considering the fact that at the time it had a short interest of as much as 30%.
However, the situation has been quite different in recent weeks as the trading volumes went down considerably. In addition to that, there are no positive triggers that are expected any time soon either and in such a situation it is fair to wonder whether there is any point in considering the Senseonics stock at this point.
One of the major boosts received by the stock back in June came about when the Senseonics stock was added to the Russell 3000 Index. That was however a one-time positive trigger and unless investors continue to invest in the index, the benefits are not going to be seen in the stock price. On the other hand, the company announced the results from the PROMISE study of the Eversense Continuous Glucose Monitoring systems back on June 3 this year.
At this point, the company is eagerly waiting for a response from the regulatory agencies in Europe and in the United States. The system has already recorded better results than some of the competing products in the market and hence, it is unlikely that the response is going to be negative. As and when, the company receives any response from the regulators, it might come as a positive trigger for the Senseonics stock.
