electroCore Rejoins Ranks of Exploding Speculative COVID-19 Stocks
Whether it’s all speculation or day trading, it seems there is no end to seeing major gains in small and micro-cap stocks that have positive announcements around anything to do with testing, vaccines, treatments or evebn cleaning products that can help win in the battle against COVID-19. One such company which was seeing massive after-hours buying activity on Thursday was electroCore, Inc. (NASDAQ: ECOR).
Traders and investors should be warned that electroCore had a mere $58 million market capitalization as of Thursday’s closing bell. The stock more than doubled on over 10 million shares trading hands in the after-hours. elctroCore has also seen prior pops with similar trading around its other COVID-19 news announcements.
electroCore calls itself a commercial-stage bioelectronic medicine company, but the company’s entire 2019 revenue was just 2.3 million. Thursday’s announcement was additional information about the availability, distribution and pricing for the gammaCore Sapphire™ CV non-invasive vagus nerve stimulation (nVNS) therapy. This is also under the company’s Emergency Use Authorization to use at home or in a healthcare setting.
The company’s target is to acutely treat adult patients with known or suspected COVID-19 cases who are experiencing asthma-related dyspnea and reduced airflow, as well as for whom approved drug therapies are not well tolerated or which are not provide sufficient symptom relief.
According to the company’s statement, the gammaCore Sapphire CV is being made available and the company’s stated goal is to make this process as simple as possible for all of the patients, physicians and hospitals that would like to it. The company has also engaged a specialty pharmacy outfit called Premier Pharmacy Services to support distribution efforts.
On last look, Thursday’s after-hours trading session had a 151% gain to $3.87. This stock also closed at just $1.54 on Thursday’s closing bell, and it has a 52-week range of $0.32 to $5.64.
This looks like yet another speculative micro-cap stocks where speculators and daytraders are entirely on their own.