The stock of small-cap medical technology firm Nemaura Medical Inc. (NMRD) has been surging premarket session today. The stock price was up 56.77% to $10.88 just minutes before the start of the regular session today.
Stock markets are often extremely confusing, sometimes catching even experienced traders off guard. It often happens that even when results are as expected, the market’s direction suddenly changes. A mistake can often turn a negative into a positive, which can lead to much speculation and doubt. During such a time, it might be wise to monitor a stock’s previous price performance. Over the last week, Nemaura Medical share prices have raised by 63.29%, however, they have risen by 98.29% since the last quarter. Further back, the stock’s value has gone through a downward spiral of 18.03% in the last 6 months, but it has grown by 84.08% so far this year.
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What the company do:
Nemaura Medical Inc. is a medical technology company that develops and commercializes wearable diagnostic devices that are not invasive. The Company is currently marketing proBEAT and sugarBEAT. A Class IIb approved CE marked medical device, sugarBEAT is a non-invasive and flexible continuous glucose monitor (CGM) that provides meaningful data from real-time glucose measurements and daily glucose trend data to help people with diabetes and pre-diabetes continuously improve, reverse, and prevent diabetes from occurring.
What causing the company stock to rise?
Nemaura Medical is seemingly another example of a meme stock that has been rising in continuation of the rally based on Reddit forum posts that drove such trades as GameStop, AMC, BlackBerry, Express, and so on to new heights before crashing.
The premarket price for Nemaura Medical was up 69% compared with Friday’s close for a market cap of less than $200 million. The stock was apparently one of the stocks listed as banned on Reddit forum WallStreetBets.
At the start of the regular session:
The stock began trading in the regular session priced at $11.08 surging as high as $12.23 in early trades. However, as of 09:51 a.m., Nemaura Medical Inc. (NMRD) was floating at $9.73 with a rise of +40.13%.