Newtown-based Helius Medical Technologies saw its stock value more than triple in seven days after announcing its entry into the cryptocurrency space, writes John George for the Philadelphia Business Journal.
The neurotech developer ended last week at $7.56 per share and more than doubled to $18.27 per share last Monday after revealing its $507.8 million private investment in public equity offerings. The stock continued to climb throughout the week and finally closed at over $24 per share on Friday.
Volume on Helius stock surged alongside the price, peaking on Monday at over 20 million shares traded, compared with an average of 40,000 shares over the 20 trading days before the announcement.
Earlier this year, Helius struggled to maintain the $1 per share minimum listing stock price required by NASDAQ, which made the recent surge a major turn for the company. In May, the company implemented a 1-for-15 reverse stock split to remain on the exchange.
Helius develops and sells the Portable Neuromodulation Stimulator, a non-surgical device delivering mild electrical stimulation to tongue nerve fibers, designed to improve balance and gait in individuals with neurological deficits.
Read more about Helius Medical Technologies’ recent dramatic stock surge in the Philadelphia Business Journal.
_______
