Why Is Helius Medical Technologies Stock (HSDT) Up 70% Today?

Business Insider

6 days ago

Helius Medical Technologies (HSDT) stock rocketed higher on Monday after the neurotechnology company announced a positive outcome for its Portable Neuromodulation Stimulator (PoNS) Stroke Registrational Program (SRP). This includes a double-blind randomized clinical trial that met its primary endpoint and confirmed minimal incidence of adverse events and good treatment tolerability.
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Helius Medical Technologies noted that these outcomes support its planned submission to the U.S. Food and Drug Administration (FDA). It will submit the PoNS SRP for gait and balance deficit in patients with chronic symptoms of stroke via the Breakthrough Device Designation.
HSDT stock was up 70.45% in pre-market trading on Monday, following a 6.08% rally on Friday. However, the stock was still down 98.23% year to date and 98.63% over the past 12 months. With today's rally came heavy trading, as some 10 million shares changed hands, compared to a three-month daily average of about 280,000 units.
Is Helius Medical Technologies Stock a Buy, Sell, or Hold?
Turning to Wall Street, only one analyst has covered Helius Medical Technologies in the past three months. Maxim Group analyst Anthony Vendetti has a Hold rating and a $2.90 price target for the shares, suggesting a possible 67.42% downside for HSDT stock.