SENS Stock Price: Senseonics Holdings Inc extends rebound beyond $4, up 12%

  • NYSEAMERICAN: SENS has risen by 2.66% on Friday, ending the week on a high note. 
  • Senseonics Holdings Inc is awaiting FDA approval for its promising monitoring tool for diabetes.
  • Shares of the Maryland-based firm will be tested once enthusiasm from Reddit subsides. 

Update, February 24: Shares of Senseonics Holdings slumped to the lowest level in more than two weeks at $2.75 on Tuesday but staged a decisive rebound to close at $3.72. On Wednesday, NYSEAMERICAN: SENS started the day in the positive territory and preserved its bullish momentum to touch a session high of $4.40. As of writing, the Maryland-based medical technology company's stock was trading at $4.17, rising 12.1% on a daily basis. Meanwhile, the broad improvement witnessed in the market mood, as reflected by a 4% decline seen in the CBOE Volatility Index, seems to be helping the stock extend its rebound.    

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Most of the world is longing for a shot in the arm – the COVID-19 vaccines – but those with diabetes are used to pricking themselves and would rather forget about that habit. Eversense CGM – a product developed by Senseonics Holdings (NYSEAMERICAN: SENS) is a product that promises to get rid of needles in a futuristic way.

Getting rid of multiple blood sampling every day could easily be considered disruptive – and financially lucrative, as diabetes is a common condition. Eversense CGM places a sensor under the patient's skin and updates the results via a smartphone application.

How close is Senseonics's product to market? Investors have been pushing shares higher, including a 2.66% rise on Friday, which looks tame in comparison to previous rises from a penny stock in the not-so-distant past. Nevertheless, SENS is trading below the 52-week peak of $5.56 recorded early in the year. 

SENS stock forecast

There is probably room for a larger upside run, which heavily depends on a seal of approval from the Food and Drugs Administration (FDA). Once the authorities greenlight the solution, shares could jump.

On the other hand, there is substantial enthusiasm already built into SENS shares. The equity has been hyped on Reddit's WallStreetBets forum and other online financial forums. The crowd tends to quickly move to another hot pick. 

Will the FDA approval come quickly enough to give Senseonics a boost and perhaps create even more hype? Or will a perceived delay in giving the green light to Eversense CGM trigger a fall. For those believing in the product, any such decline would serve as a "buy the dip" opportunity. 

Previous updates:

Update, February 24: Shares of Senseonics Holdings have kicked off Wednesday's trade with an upside swing of over 7% to the round $4 level, up from a closing price of $3.72 on Tuesday. Investors are content with the prospects of the Eversense CGM diabetes monitoring product. How soon will the FDA approve it? The US regulator has been in the spotlight for giving the nod to Johnson and Johnson's COVID-19 vaccine, ahead of a formal green light in the coming days. It is essential to note that NYSEAMERICAN: SENS is dropping despite the fall in the broader S&P 500 index.

February 24: Senseonics Holdings Inc (NYSEAMERICAN: SENS) is set to rise by around 10% on Wednesday, roughly erasing the losses seen on Tuesday. Shares of the Maryland-based company have been experiencing volatile trading in recent days, as enthusiasm from the company's diabetes product contrasts the deflating of some of the gains triggered by the Reddit crowd. While the action is set to continue, the next big moves depend on FDA approval. 

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