Shares of NURO were down -12.2% at $18.41 apiece by late-afternoon trading yesterday on the news. The stock continues to decline today, down –7.1% to $16.94 per share by the afternoon.
The drop in stock price marks a reversal from a week ago — when NURO shares climbed upon the news of Quell’s FDA breakthrough device designation, followed by the company’s reporting of its second-quarter financial results.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — is up slightly today.
The study observed Woburn, Mass.-based NeuroMetrix’s Quell, a transcutaneous electrical nerve stimulation (TENS) system, in treating fibromyalgia, for which the device has not been FDA approved at this point. The double-blind, randomized, sham-controlled trial compared three months of at-home treatment with a standard (active) or low-dose (sham) Quell device in 119 subjects with fibromyalgia.
According to the study results, no differences were found between the active and sham treatment at three months, although subjects with higher pain sensitivity found that the Patient Global Impression of Change (PGIC) was significantly greater for active treatment compared to sham.
The study concluded that Quell provided modest treatment effects of reduced disease impact, pain and functional impairment from wearable TENS in individuals with fibromyalgia and that the wearable TENS — Quell, in this case — may be a safe treatment option.
This story originally ran on Monday, July 26. Updated July 27 with further stock price developments.