Shares of Align Technology Inc (ALGN), after a dip of -2.08% to close at $546.18 in the previous session, have been surging +10.627% in the pre-market session today buoying at $604.21 as of 08:55 a.m. EST.
What triggered the stock’s rise?
Align Technology develops and builds the Invisalign system, the world’s most sophisticated clear aligner system, iTero intraoral scanning equipment and services, and applications for CAD/CAM. Align has assisted serve over 9.6 million clinicians with the Invisalign system and, with the iTero intraoral scanner and exocad CAD/CAM software, is leading the development of digital dental care. By allowing improved automated orthodontic and reparative workloads to optimize patient care and treatment effectiveness, the technology helps modernize today’s procedures.
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Today, the company led the development of the iTero Element Plus Series, which is expanding the company’s strategy of iTero Element scanners and imaging systems to include creative approaches that serve a wider orthodontic segment.
Building on the success of the award-winning iTero Element family, the new iTero Element Plus Series of scanners and imaging systems offers most of the established dental and reparative service offerings on which physicians have to continue to depend. The higher performance time and visual analytic functionality are also included in a new slim, extremely lightweight module for a fast and efficient scanning experience. The iTero Element Plus Series, available in both cart and mobile setups, offers an additional range of movement. The mobile configuration makes the capacity of the iTero Element Plus Series flexible through a maneuverable, medical-grade mobile scanner system that gives similar high-quality image data as delivers the cart configuration.
The maker of the Invisalign tooth-straightening system also posted quarterly results yesterday, beating analysts’ estimates by posting earnings of $2.61 per share against $2.14 per share which was an EPS of $1.53 a year ago.
The stock price is already above +2.08 percent from the mean price target and is heading towards the highest price target of $625 assigned by Evercore ISI assigned on January 4, 2021.