Shares of NeuroMetrix Inc.
NURO,
+202.76%
rocketed 241% toward a two-year high on record volume, after the Massachusetts-based medical device company said its Quell transcutaneous electric nerve stimulator received “Breakthrough Designation” from the Food and Drug Administration to treat fibromyalgia symptoms in adults. Trading volume ballooned to 228.3 million shares, compared with the full-day average over the past 30 days of about 125,600 shares, to make the stock the biggest gainer and most actively traded on major U.S. exchanges. Fibromyalgia is a form of chronic pain that affects 5 million to 15 million people, or 2% to 6% of the U.S. population, and is most often diagnosed in people between the ages of 30 and 50. Quell is a non-invasive wearable neurostimulator that provides flexible and precise nerve stimulation. Under the Breakthrough Designation program, the FDA will provide the company with priority review and interactive communication on device development through commercialization. In addition, there are government programs which may facilitate Medicare reimbursement. The stock has now rallied 251.9% year to date, while the SPDR Health Care Select Sector ETF
XLV,
+1.34%
has gained 13.5% and the S&P 500
SPX,
+1.74%
has advanced 15.3%.