The Asensus Surgical (NYSEAMERICAN:ASXC) stock has soared by 35% this morning after it emerged that the stock is now being covered by a new analyst. The latest rally in the ASXC stock took its gains over the past two weeks to 95%.
The team of analysts at the firm H.C. Wainwright started covering the Asensus stock and has given it a ‘buy’ rating, thereby triggering the rally. The rating comes to a couple of weeks after the company announced its financial results for the first fiscal quarter.
The company generated revenues of $2.1 million in the quarter, which was a considerable jump from the revenues of $600000 in the prior-year period. As much as $1.3 million of the revenues generated by the company came from the sales of its Senhance Surgical System product. It is now going to be interesting to see if the stock continues to add to its gains over the coming days.
At the time of writing, ASXC stock gained 33% to $2.69 after hitting a session high of $2.94.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.