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Why ShockWave Medical Shares Are Tanking Today

TheMotleyFool 
0 0 03.09.19
Why ShockWave Medical Shares Are Tanking TodayPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png
 

Though ShockWave Medical (NASDAQ: SWAV) shared upbeat news with investors Tuesday, shares of the medical device company fell as much as 13% in afternoon trading. The stock was down about 10% as of 3:20 p.m. EDT. 

Two news items appear to be impacting the share price. 

First, Shockwave, which focuses on treating calcified plaque, announced it had received a Breakthrough Device Designation from the Food and Drug Administration for its C2 Coronary IVL Catheter. The device uses sonic waves to fracture calcium deposits in the heart with the goal of improving blood flow. The C2 is already available for sale in Europe, and Shockwave is currently enrolling patients in a pivotal study to hopefully win  U.S. regulatory approval. Gaining that Breakthrough Device Designation from the FDA certainly is a good sign that it eventually will be approved. 

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Source Fool.com

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