• NYSEAMERICAN:SENS adds 9.19% on Friday as the broader markets remained flat.
  • Senseonics investors continue to await FDA approval for its continuous glucose monitoring device.
  • SENS has graduated from a penny meme stock to a legitimate med-tech company.

NYSEAMERICAN:SENS finished the week off strong on Friday as the Maryland-based med-tech company extends its bullish run in 2021. During the final trading session before the Presidents Day long weekend, Senseonics added 9.19% to close the week at $4.16, after briefly hitting a new 52-week high price of $4.35 earlier in the day. Shares have already run up by nearly 350% since the start of the year, and retail investors on platforms like FinTwit and Reddit have rallied around the stock. 

One of the main reasons that Senseonics has been a popular penny stock amongst traders is the impending FDA approval of its continuous glucose monitoring system. The Eversense CGM system is thought by many to be a disruptive form of technology in the ongoing fight against diabetes, one of the most devastating and commonly diagnosed diseases in the United States. Rather than intermittently testing blood throughout the day, the new Eversense CGM system places a sensor beneath the patient’s skin and updates it in a smartphone app every five minutes. If approved, it will save diabetes patients hundreds or even thousands of needle injections per year for blood tests. 

SENS stock forecast

SENS stock price chart

Senseonics’ recent popularity has catapulted the penny stock into the mainstream med-tech conversation and it has gone from one of Reddit’s meme stocks to a $1.5 billion market cap. Senseonics has already announced that it expects to receive FDA approval for the Eversense CGM system by the second quarter of 2021, which accounts for much of the stock’s recent success.