Why Shares of ShockWave Medical Jumped 13.5% on Monday
Shares of ShockWave Medical (NASDAQ: SWAV), a cardiovascular medical device company, rose 13.5% on Monday. The stock, which closed at $162.32 on Friday, opened at $181.58 on Monday and rose to a high of $184.21 by 2 p.m. The stock has a 52-week high of $249.73 and a 52-week low of $113.36. So far this year, the stock is up more than 1.4%. The company develops, manufactures, and sells catheters that use sonic pressure waves to break up calcified plaque in arteries, and increase blood flow and arterial size via a technique it calls intravascular lithotripsy (IVL).
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The stock jumped because it was announced on Friday that ShockWave would be joining the S&P 400 MidCap Index, which means certain index funds will automatically buy shares of the company. The company also has momentum because it is coming off a strong first quarter.
Source Fool.com
