Why ReShape Lifesciences Stock Is Ripping Higher

ReShape Lifesciences, Inc. RSLS shares are trading higher Wednesday after the company announced it has received FDA PMA supplement approval for its next-generation Lap-Band 2.0 FLEX.

The Details:

ReShape Lifesciences shares began climbing following the company's announcement after the market close on Tuesday and continue blasting higher on heavy trading volume Wednesday.

According to data from Benzinga Pro, more than 101 million shares have been traded in the session, far exceeding the stock's 100-day average of less than 4 million shares.

Reshape Lifesciences, Inc. is a developer of minimally invasive medical devices for the treatment of obesity and metabolic diseases.

According to data from Benzinga Pro, ReShape shares are trading above the stock's 50-day moving average of 25 cents, yet well-below its 52-week high of $22.40.

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RSLS Price Action: According to Benzinga Pro, ReShape Lifesciences shares are up 85.1% at 46 cents at the time of publication.

Image: Alejandro Serralvo Bermúdez from Pixabay