Avinger Inc (NASDAQ:AVGR) Picks Up Momentum From Lows: How Far Can It Go?
Over the course of the past month, Avinger Inc (NASDAQ:AVGR) has been one of the more notable movers in the market and it may be a good time to start taking an interest in the stock. On Thursday, the stock continued on its upward trajectory and clocked gains of 19% amidst heavy volume. That took the gains made over the course of the past month to as much as 64%.
Before delivering into specific news about the company it may be a good time to get a better idea about the nature of the company’s business. It is a commercial-stage medical devices company that develops and designs. It is best known for manufacturing the first and only catheter-based, image-guided system for the diagnosis and treatment of those suffering from Peripheral Artery Disease (PAD). The disease afflicts around 12 million people in the United States and more than 200 million globally.
The company announced yesterday that it would release its financial results for the second fiscal quarter of the year following the closure of markets on July 27, 2023. Additionally, it was revealed that Avinger would also host a conference call which would start at 1:30 pm Pacific Time. Anyone who wishes to join in on the call could dial +1-973-428-0011 and then use the 794,222 passcode. Additionally, a webcast of the conference call would also be made available on the investor relations page of the company’s website.
On June 7 Avinger was in focus after it announced that it had received the 510 (k) clearance from the United States Food and Drug Administration for its Panthers LV product. The product in question is the new generation image-guided atherectomy system, which is meant for treating those who may be suffering from PAD. The product in question is meant for treating large vessels like the popliteal arteries and SFA.
The product also offers a range of features that are new and particularly beneficial to physicians. The company noted at the time that it was looking to have a limited launch of the Pantheris LV product by the end of the quarter and full commercial availability is expected to be reached in the United States by the second half of this year.
Prior to that, the company had made another major announcement that investors ought to be aware of. On June 5 Avinger announced that it had been successful in completing the very first critical cases with the help of the Tigereye ST image-guided CTO crossing system. The first cases with the new system had been performed by Dr. Ian Cawich, an interventional cardiologist with the Arkansas Heart Hospital, and Dr. Jaafer Golzar, an interventional cardiologist with the Advocate Christ Medical Center. The latter is also the Chief Medical Officer at Avinger. The product had been launched in a limited way in May this year and since then four physicians spread across 5 hospital sites in the United States had used it successfully.
