FDA Clearance Sends Soliton Stock Surging

SOLY continues to teeter along its year-to-date breakeven price

Shares of Soliton Inc (NASDAQ:SOLY) are surging 7% at $11.40 this morning, higher after the medical device company received 510(k) Premarket Notification clearance at the Food and Drug Administration (FDA) for its Generation II Rapid Acoustic Pulse (RAP) device. The tattoo removal device is similar to its generation I version, but is more catered to the ease of use in a physician's office.

SOLY has been a relatively steady presence on the charts since mid-2019, contained by the $10- $15 region. However, the equity remains 63% off its late-May record high and is teetering along its year-to-date breakeven mark.

While analysts have yet to chime in on this morning's breakthrough, heading into today the lone brokerage in coverage appeared optimistic. This is per the "buy" rating and average 12-month price target of $22, which is 91% above current trading levels.