InVivo Therapeutics Holdings (NVIV) Stock Extends Rally: How Far can it Go?

The InVivo Therapeutics Holdings Corp (NASDAQ:NVIV) stock was on the move on Wednesday and clocked gains of 6% as investors flocked to the stock again. Yesterday’s gains made by the stock took its gains for the past week to as much as 24%.

The rally in the stock might have been brought about by the announcement from the company on Tuesday about its HDS (humanitarian device exemption) application. The company announced that the preclinical module that it had submitted to the United States Food and Drug Administration had been accepted. The module submitted by InVivo Therapeutics Holdings is one of the three modules that are going to be required for the HDE application.

This is a major development for the company and the rally in the stock following the announcement is hence not a particularly surprising reaction. The fact that the FDA accepted the module is an indication that the regulatory agency completed the review of the module and ultimately found no fault in it. However, there are two more modules related to the HDE application that will need to be reviewed by the FDA. Once the reviews of those two are completed, the HDE application could move towards final approval.

Market Reaction:

On Wednesday, NVIV stock moved up 6.33% at $0.81 with more than 4.10 million shares, compared to its average volume of 812k shares. The stock had moved within a range of $0.7000 – 0.8500 after opening the trade at $0.73. Over the past 52-week, the stock has been trading within a range of $0.5000 – 2.0000.