Breaking Finance News

Why Stereotaxis is up 26 Percent Friday (STXS)

Shares of Stereotaxis (NASDAQ: STXS) are up 26 percent in early Friday trading. The stock has traded more than 2 million shares versus an average volume of 380,000.  While there is no notable news surrounding the stock, looking at the chart reveals a possible technical reason.

On July 29, we reported that the company had gained FDA approval for its Vdrive Robotic Navigation System. This sent the stock 200 percent higher. In recent days, the stock has lost nearly 40 percent of the original move but started moving higher towards the end of the trading day Thursday.

The move lower could be interpreted as gap filling from the original gap. Profit takers were flushed from the stock and now buyers are moving back in.

If we find other news to explain the move, we will update this story.

[stock-tools exchange="NASDAQ" symbol="STXS" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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