Cytosorbents Corporation (CTSO) Stock Breakout Alert: How to Trade Now?
Cytosorbents Corporation (NASDAQ:CTSO) jumped 17.50% after the FDA approved the company’s Investigational Device Exemption request for DrugSorb-ATR Antithrombotic Removal (ATR) device. With the approval, the company can now move forward with START-T clinical trials evaluating the device in the US for removal of intraoperative ticagrelor during cardiothoracic operation. The company will conduct the study under the Breakthrough Therapy Designation granted in April last year.
The study will evaluate the device in combination with the company’s DrugSorb-ATR. This novel polymer can effectively remove various chemicals and drugs from the bloodstream relative to the standard of care, such as hemodialysis. Most importantly, the IDE grant is not approved for ATR devices as the grant o the request exempts it from conventional steps when launching a new medical device.
Therefore, given the period required to complete the clinical trial and potential market size, it is essential to be patient and wait. Therefore, in the coming weeks, CSTO is a stock to watch.
Market Reaction:
On Tuesday, CTSO stock gained 17.40% at $8.63 with more than 2.75 million shares, compared to its average volume of 216K shares. The stock had moved within a range of $7.43 – 8.76 after opening the trade at $7.80. Over the past 52-week, the stock has been trading within a range of $7.13 – 11.74.
