Why ShockWave Medical Stock Plunged 29% in September
Shares of medical device maker ShockWave Medical (NASDAQ: SWAV) plummeted 28.5% in September, according to data from S&P Global Market Intelligence. By contrast, the S&P 500 returned 1.9% last month.
The stock has taken investors on a roller-coaster ride since its debut on the Nasdaq in March at $17 per share. After opening at $24.80 on the day of the initial public offering (IPO), it went on to reach an all-time closing high of $66.02 on June 10. It's since rather steadily drifted lower, closing at $30.15 per share on Wednesday, Oct. 9.
The Silicon Valley-based company describes itself as a pioneer in the development and commercialization of devices that use intravascular lithotripsy (IVL) -- a tech based on sonic pressure waves -- to treat cardiovascular disease.
Source Fool.com
