RWLK scored a big FDA win with its exo-suit
The Nasdaq is bookended by two healthcare stocks today. At the top, there's medical device concern ReWalk Robotics Ltd. (NASDAQ:RWLK), a whopping 160% higher to trade at $8.63, after the Food and Drug Administration (FDA) cleared the company's ReStore Exo-Suit for sale at U.S. rehab clinics. The suit is designed for stroke survivors with mobility issues.
This is set to be RWLK's best day ever, and easily erases its year-to-date deficit. The shares fell to a record low of $2.46 on May 13, but now are trading at their highest point since a mid-November bear gap.
It might be time for analysts to take another look at ReWalk Robotics stock. Currently, the only analyst in coverage rates it a tepid "hold" with a $4 price target. A round of bull notes could keep the wind at the security's back.
On the other end of the spectrum is drug stock Inflarx NV (NASDAQ: IFRX), down 90% to trade at $3.60, after the company reported disappointing results from a mid-stage trial for its chronic inflammatory skin disease treatment. In response, Guggenheim downgraded IFRX to "neutral" from "buy," while slashing its price target to $6 from $65. Analysts at Leerink called the data "dull."
Inflarx stock is set for its worst day ever, and earlier traded at a record low of $3.30. Prior to today's collapse, IFRX was clinging to support at its 200-day moving average, which is perched right near its year-to-date breakeven mark at $36.37.
The trouble could be far from over. The majority of covering analysts still rate IFRX a "buy" or better. Plus, the stock's consensus 12-month price target sits all the way up at $59.88. This means that today's bear notes could only be the beginning of a shift in analyst sentiment that could pressure IFRX lower.