Rewalk Robotics Ltd (NASDAQ:RWLK) shares are trading up considerably in late morning trading after it was revealed that the Department of Veteran Affairs has agreed to fund the cost of Rewalk Robotics’ (NASDAQ:RWLK) exoskeleton legs for those paralyzed from the waste down due to spnal cord inury. The cost of the units are approximately $77,000 each, a price tag which most veterans can not easily afford. The agency will begin training staff to work with individuals who will be fitted with these exoskeletons, which had been approved by the U.S. FDA last year.
“The research support and effort to provide eligible veterans with paralysis an exoskeleton for home use is a historic move on the part of the VA because it represents a paradigm shift in the approach to rehabilitation for persons with paralysis,” said Dr. Ann Spungen, who led VA research on the system.
The stock is currently trading higher by 89.00% or $5.34 following the positive news, hitting $11.34 per share at the time of us publishing this article. About 1.06M shares traded hands or up 2963.85% from the average. RWLK has declined 46.38% since May 14, 2015 and is currently downtrending. It has underperformed the S&P500 by 42.70%.
From a total of 2 analysts covering Rewalk Robotics (NASDAQ:RWLK) stock, 0 rate it a “Buy”, 0 a “Sell”, and 2 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $27 while the lowest target price is $9. The mean of all analyst targets is $18 which is 58.73% above today’s ($11.34) stock price. Rewalk Robotics was the topic of 5 analyst reports since August 10, 2015 according to the firm StockzIntelligence Inc. Zacks upgraded shares on September 8 to a “Hold” rating.
Rewalk Robotics Ltd is an Israel-based medical device company. The company has a market cap of $77.64 million. The Firm is engaged in designing, developing and commercializing exoskeletons that allow wheelchair-bound individuals with mobility impairments or other medical conditions the ability to stand and walk once again. It currently has negative earnings. The Firm has developed and is continuing to commercialize ReWalk, an exoskeleton that uses its patented tilt-sensor technology and an on-board computer and motion sensors to drive motorized legs that power movement.