Vivos Therapeutics, a medical technology company, received a green light from the U.S. Food and Drug Administration (FDA) for its innovative removable CARE oral appliance, designed to treat severe obstructive sleep apnea in adults. This marks the first such device approved that does not require continuous positive airway pressure (CPAP) therapy or surgery. Following the announcement, shares of Vivos Therapeutics (NASDAQ:VVOS) skyrocketed by 831%.
The approval is expected to be a game-changer for the company and its patients, with Vivos' Chairman and CEO, Kirk Huntsman (NYSE:HUN), expressing optimism about the future. Huntsman anticipates that the FDA's nod will lead to increased insurance reimbursements and a subsequent rise in the company's revenue starting in 2024.
The market's response to the news was immediate and significant. Vivos' stock became a highlight on today's trading floor, with trading volume surging to over 31 million shares, a stark contrast to its average daily volume of around 208,000 shares. This unprecedented trading activity reflects the high investor interest triggered by the FDA's approval.
The exceptional performance of Vivos' stock comes at a time when the stock market is experiencing other notable movements, including a decline in BioVie (NASDAQ:BIVI) stock and broader market volatility. However, the breakthrough from Vivos Therapeutics has managed to capture the spotlight in the midst of wider market news.
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