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Wednesday, September 27, 2023

electroCore, Inc. (ECOR) Stock Taking Solid Steps in Aftermarket, Here’s the Cause

electroCore, Inc. (ECOR), a commercial-stage medical device company, has increased by 4.21% in aftermarket trading session. Consequently, the stock is trading at $0.56 at the time of the writing. The increase could be attributed to the publication of PREMIUM II Trial of gammacore. On Monday, ECOR closed the day at $0.54 after declining 2.10% during the regular trading session.

Why ECOR Rising?

In the late hours of Monday, ECOR announced the publication of a peer-reviewed paper. The paper is titled Non-invasive vagus nerve stimulation for the prevention of migraine: The multicenter, randomized, double-blind, sham-controlled PREMIUM II trial. It was published in Cephalalgia, the official journal of the International Headache Society (IHS). The paper discusses the results of the randomized, double-blind, sham-controlled trial. The said trial was conducted at 27 different sites across the United States. The study was closed early in the wake of COVID-19 after enrolling 231 subjects, while the original design was to randomize 400 subjects.

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Q3 2021 Operational Results

In early November, ECOR released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated net sales of $1.48 million during the quarter against %1.08 million for the same quarter of 2020. The total operating expenses bore by the company during the three months stood at $5.11 million against $5.22 million for the same three-month period of 2020. The net loss suffered by the company during the period was $3.99 million (or $0.06 per basic and diluted share) against $4.48 million (or $0.10 per basic and diluted share ) for the same period of 2020.

Executive Commentary

While commenting on the results, Dan Goldberger, Chief Executive Officer of ECOR said that the company is pleased with the quarterly results and that the results show steady sequential revenue growth. Looking ahead, the recent results indicate that the company is in an excellent position to execute the strategic goals which it was unable to achieve during the current and last few quarters due to the pandemic.

Future Outlook for ECOR

The last three months have seen ECOR stock decline by approximately 50%. The slump was there mostly due to some negative developments related to the ongoing trials of the company. However, the analysts believe that the stock looks strong to attract a huge volume of investments in the upcoming period.

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