TearLab Corp (NASDAQ:TEAR)
The share volume for TearLab Corp (NASDAQ:TEAR) exploded during Friday’s trading session. Reports show that TEAR shares have a 30-day, daily average volume of nearly 170,000. However, after receiving positive news from the NASDAQ on Friday morning, traders jumped in with both feet and traded over 20 million shares for the day. TEAR shares ended up a whopping 89.77% to end the day at $3.34.
The catalyst for the massive increases in volume and price was a Friday morning announcement from TearLab Corp (NASDAQ:TEAR) that the Nasdaq Hearings Panel approved, two days earlier, TearLab’s request for continued listing on The Nasdaq Capital Market. The decision, which included an extension, was predicated on continued progress on the compliance plan presented to the Hearings Panel. The extension goes through October 6, 2017. On or before that date, TearLab must provide evidence of full compliance with all applicable criteria for continued listing on The Nasdaq Capital Market, including the $2.5 million stockholders’ equity requirement.
TearLab Corp (NASDAQ:TEAR), headquartered in San Diego, CA, develops and markets medical technologies that enable eye care experts to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care – usually the physician’s office. The TearLab Osmolarity Test, for diagnosing Dry Eye Disease, was developed for the TearLab Osmolarity System which measures the osmolarity of human tears. Osmolarity measurements can assist in the diagnosis of dry eye disease in combination with other clinical assessment methods.
TearLab Corp (NASDAQ:TEAR) sales have been continuously improving on an annual basis. In 2012 the company reported sales of only $4 million. That sales figure increased steadily each year, and in 2016 sales were posted at $28 million. Those increasing sales figures are likely a main reason behind three of the four analysts that cover the shares rating it as a “Strong Buy” while the fourth analyst rates TEAR shares as a “Hold”. Their consensus price target is $3.50 – just $0.16 above Friday’s closing price. The EPS for TEAR shareholders has not been as stellar though as they have experienced losses every year. In 2012 the loss was (-$7.58). That loss was followed by annual per-share losses of (-9.43), (-$7.07), (-$9.86), and, for 2016 (-$4.29).
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.