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Tuesday, June 6, 2023

electroCore, Inc. (ECOR) Stock Sliding After a Hefty Wednesday, Here’s Why

electroCore, Inc. (ECOR), a commercial-stage medical device company, has plunged 13.58% in aftermarket trading session and as a result, the stock is trading at $0.76 at the time of the writing. The decline could be attributed to the profit-taking effect after the stock rocketed by 64.03% during Wednesday’s regular trading session and closed the day at $0.88. The massive surge came after the company’s nVNS received the breakthrough device designation.

Why ECOR Soared?

On Wednesday, ECOR announced that its gammaCore™ nVNS device has received a Breakthrough Designation from the U.S. Food and Drug Administration (FDA). The designation has been received for the treatment of PTSD after the symptoms of PTSD were reduced by 31% when compared with sham. The Breakthrough Device Designation was supported by research from an Emory-Georgia Tech team led by J. Douglas Bremner, M.D.

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Launch of eCommerce Shop

On 11th January, ECOR announced that it is launching an eCommerce shop for patients who are residing in the US. The site would allow the patients to complete a telehealth consult for a prescription. Alongside that, it would also aid in the purchase of gammaCore Sapphire, which is a non-invasive vagus nerve stimulator (nVNS) device.

Distribution Agreements

In mid of December, ECOR announced that it has entered into an agreement with Melidonia Health Services (Melidonia), Cyrus Medical Technologies (Cyrus), and Express Medical Solutions LLC. (Medexsol). The companies would serve as the exclusive distributors of the gammaCore Sapphire™ non-invasive vagus nerve stimulator (nVNS) in the Gulf States including Cyprus, the United Arab Emirates and Oman, and Saudi Arabia and Bahrain.

Future Outlook for ECOR

During the last three months, ECOR stock has declined approximately 13%, but more recent stats point toward a more positive direction for the company. The developments associated with the lead product of the company, namely gammaCore Sapphire, are catalyzing the stock movement. Analysts believe that the stock is in a good shape to attract investors for long term investments.

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