Over the past week, the Nemaura Medical Inc (NASDAQ: NMRD) stock has been in the middle of a solid rally and recorded gains of 56% to emerging as one of the stock to watch. As it happens, the NMRD stock hit its highest level since mid-October last year.
Nemaura Medical Inc
Company Name: Nemaura Medical Inc
Nemaura Medical Inc Summary:
Nemaura Medical Inc. is a medical technology company developing and commercialising non-invasive wearable diagnostic devices. The Company is currently also commercialising sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb medical device, as a non-invasive and flexible continuous glucose monitor (CGM) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which may help people with diabetes and prediabetes to better manage, reverse, and prevent the onset of diabetes.
There are certain specific triggers that led to the remarkable rally in the NMRD stock.
#1 Medical’s Program Shows Weight Loss In 100% Of Participants
One of those came about earlier in the week on January 24 when the company announced the initial results from the patient studies that had been conducted with the National Health Service (NHS) of the United Kingdom for Miboko, its metabolic health program.
The results were positive as the patients recorded an average weight loss of 3.7 pounds and all the patients experienced some degree of weight improvement.
This news had a major positive impact on NMRD stock and is one of the top stock to watch.
#2 Commences Pilot Program of Miboko with the NHS
While that was quite clearly a significant development it should be noted that the announcement with regards to the study for Miboko in collaboration with the NHS had been announced back on November 29, 2022.
Mikobo is the first product in its category to have a non-invasive glucose sensor in a lifestyle app. It not includes information with regard to drinking and good intake but also provides analytics and educational content. At the end of the analysis, the app provides the user with a metabolic score based on diet and other important factors.
#3 Solid Industry Growth
Nemaura is entering the Continuous Glucose Monitoring Market with the product and it is a market that is expanding rapidly. The market was worth as much as $6.13 billion back in 2021 and by 2030 it is expected to command a valuation of $16.33 billion, which reflects a CAGR of 17.33%.
So, considering the latest news and big jump, NMRD stock is one of the other top stock to watch for the month of February.