Heading south of the border for a rare review of $22M microcap trading on the NYSE per a couple of requests from the Wolf Den discord. The stock has started to get some attention in Canadian small cap circles, so who better to weigh in than your friendly neighbourhood Wolf.
Neuraxis is a growth stage MedTech company who’s main product is a non invasive, non-drug related treatment for children and young adults ages 8-21 who suffer with functional abdominal pain associated with IBS
It’s not surprising that this would start to hit some radars. In late May the company announced FDA approval which expands their leading product to treat additional conditions which the company stated nearly doubles the addressable market.
The stock went from $2.25 to $4 on the news and at one point during the day traded over $6 with over 90M shares traded. At the time the stock had less than 9M tradable shares, therefore turned over more than 10x on the day.
Conveniently, and not coincidentally, the company announced a raise the following day, bringing in $5M on 1.5M shares at $3.25. That news sent the stock back downwards and as of yesterday’s close sits 20% below that share offering.
Enough preamble, let’s get into the numbers.
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