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Stock Alert: Will The Momentum Continue For Penumbra?

Shares of healthcare company Penumbra, Inc. (PEN) gained 5.32% on Tuesday before closing at $168.89. The stock has been trading in a range of $12.40- $185.70 in the past one year and rose nearly 130% in the past three years.

On January 9, 2020, Penumbra's Indigo Aspiration System got expanded approval by the FDA for the treatment of pulmonary embolism, or blockage of an artery in the lungs. Indigo Aspiration System, a continuous aspiration mechanical thrombectomy system was approved in 2014 for the removal of fresh, soft emboli and thrombi from vessels of the peripheral arterial and venous systems.

Recently, there have been reports of hedge funds increasing their position in the company.

When the company reported its third-quarter results in November, revenue had increased 24.8% year-over-year to $139.5 million. Adjusted EPS also grew to $0.25 from $0.17 last year.

Penumbra is expected to report fourth quarter earnings on February 25.

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