Cochlear (COH) shares rising
Stock
Cochlear (COH) $177.81 as at 16/04/2019
Event
Hearing aid developer Cochlear has launched a new product today, helping the stock trade nearly $10 higher to once again test the $180 level.
The new product, the Nucleus Profile Plus range, is an advancement on some of its current range and is now available in Germany while Cochlear await regulatory approval to expand the offering globally. The new product allows patients to have an MRI without the need to remove the core parts of the device.
Cochlear has been under some pressure since posting its half year result in February, trading from a 2019 high of ~$200, down to below $165 – a 17% decline. The market was becoming concerned with the company’s growth prospects and hence the market re-rating a stock that was trading on a growth multiple
Today’s announcement has eased some of those fears that Cochlear was ex-growth.
Cochlear (COH) Chart
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