Summary
• Cardio Diagnostics Holdings Inc. (CDIO) stock rose 9.9% to $3.40 in after-hours trading.
• The increase followed a recent announcement of an $854 payment rate for its Epi+Gen CHD™ and PrecisionCHD™ tests by CMS.
• The company recorded a smaller-than-expected loss in the prior quarter, yet faces significant year-to-date challenges with a -90.5% decline.
Cardio Diagnostics Holdings Inc. (CDIO) saw its stock rise to $3.40 in after-hours trading, marking a 9.9% increase from its last close at $3.10. This movement comes amid a backdrop of routine trading, as no fresh catalysts were announced in the last 24 hours.
Recent Developments and Pricing Momentum
The latest news for Cardio Diagnostics, although a few weeks old, revealed that the Centers for Medicare and Medicaid Services (CMS) had provided a final gapfill payment rate of $854 for its Epi+Gen CHD™ and PrecisionCHD™ tests. This update, announced on December 3, appears to have sparked interest among investors, contributing to the current price action.
In the prior quarter, Cardio Diagnostics recorded a surprise in earnings, reporting a loss of $0.98 compared to an estimated loss of $1.80. This represents a positive surprise of approximately 46%. Despite challenges, the company is still attracting a “Buy” rating from analysts, reflecting some optimism about its future prospects.
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Market and Technical Picture
Over the past year, CDIO has faced significant challenges, reflected in its price performance of -90.5% year-to-date. The stock is currently trading well below its 20-day and 50-day moving averages, which stand at -0.9% and -16.7%, respectively. The 14-day RSI is currently at 43.43, suggesting the stock remains near neutral territory but does not display significant bullish momentum.
Volume during the current after-hours session has been lower than usual, with only 745 shares traded compared to an average volume of 29,868 over the past ten days. This could indicate a lack of brisk trading despite the positive news around payment rates.
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Closing Thoughts on Current Trading Activity
As Cardio Diagnostics continues to navigate its market landscape, the stock’s latest increase comes amid routine trading activity. Investors are likely to keep a close eye on how trading volume and momentum develop heading into the next session, especially in light of its recent updates from CMS.