Shares of Avinger Inc. experienced a remarkable surge of 63.5% in morning trading on Monday. This surge led them to become the biggest gainers on major U.S. exchanges. The upward trajectory in stock prices came after the announcement from the medical device company regarding the commercial launch of its Tigereye ST. This innovative system, which utilizes image-guided catheter-based technology, is specifically designed for the diagnosis and treatment of vascular disease.
The surge in trading volume was equally impressive, with a significant increase to 26.5 million shares compared to the usual full-day average of about 9,300 shares. This clearly demonstrates the excitement and interest generated by the launch of this groundbreaking product.
According to Chief Medical Officer Jaafer Golzar, the Tigereye ST represents a crucial leap forward in Avinger’s image-guided technologies for treating peripheral artery disease. Golzar emphasized the unique features of the system, including onboard image-guidance, steerability, ease of use, and crossing power. These qualities greatly expand the number of patients who can benefit from minimally invasive revascularization.
Despite the recent success, it is important to note that Avinger Inc.’s stock had been trading at a record low of $4.14 as of the previous Friday. So far this year, the stock has experienced a decline of 58.5%. In contrast, the S&P 500 has seen a positive gain of 16.1%.
It is evident that the launch of the Tigereye ST has already made a significant impact on Avinger Inc., leading to optimistic prospects for the future.