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Shockwave Medical (SWAV) received mixed reimbursement news from the Centers for Medicare and Medicaid Services, and SWAV stock tumbled Friday.
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The company is a leader in intravascular lithotripsy, a method of cracking hardened calcium in blood vessel walls. It rivals an older procedure called atherectomy that relies on a drill for the same purpose.
Late Thursday, CMS published a reimbursement decision that could hamper usage of intravascular lithotripsy for patients treated in the outpatient setting beginning in the second half of 2024. But the agency also increased the amount of money doctors receive from these procedures, making them more lucrative than traditional atherectomy.
In premarket trading on today’s stock market, SWAV stock dropped 5.3% near 269.
Shares broke out last month and immediately toppled, undercutting their 50-day moving average on July 7. SWAV stock is now trapped under a ceiling at that line, according to MarketSmith.com.
But Shockwave stock also has a strong Composite Rating of 95, IBD Digital shows. This means SWAV stock ranks in the top 5% of all stocks in terms of fundamental and technical performance.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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