Why did Neovasc Inc. (NVCN) and Zillow Group, Inc. (Z) spike today?
While the market is relatively flat today, two companies are bucking that trend. Some of the biggest moves so far Tuesday have been in Neovasc Inc. (NVCN) and Zillow Group, Inc. (Z).
Neovasc Inc. (NVCN) is no stranger to volatility but today it is exceptionally volatile….to the upside. Shareholders in NVCN are cheering today as Neovasc stock is up 56% so far today. It is currently at $2.20, up 76 cents on staggering volume of over 29 million shares. It is not far off it’s intraday high of $2.24.
Neovasc Inc. (NVCN) shareholders haven’t had a lot to cheer about this year as the stock plummeted from the mid $4 range in late May to the 40 cent range. Ouch. But for today at least, that is forgotten as NVCN rockets on the update from the company on clinical experience with its Tiara™ transcatheter mitral valve.
The company announced an 86% success rate in it’s 22 implantations to date. That’s some pretty good success.
Meanwhile, Zillow Group, Inc. (Z) is up almost 8 percent this morning on the news of a $400 million senior convertible notes offering, with the potential for $60 million more. The notes expire in 2021. The funds will help give Zillow more financial flexibility, which means the potential for more acquisitions and consolidation in the industry.
Investors apparently liked the news as Zillow Group, Inc. (Z) stock is up $2.78 to $37.53 so far today on much higher than average volume of almost 3 million shares. It hit a high of $37.80 earlier this morning. Zillow Group, Inc. (Z) had been up over 50% for the year but had settled into a tight range before today’s breakout.