MRI Interventions Drops More than 23% After Yesterday’s High (MRIC)

MRI Interventions (OTC: MRIC) saw its first huge drop today since the company went public with its stock offering on May 21, 2012. The company’s stock price had been steadily rising since it dropped from $1.09 to $0.75 on June 19, 2012.  It reached its highest close yesterday, at $4.45. It opened at $4.56 this morning, and the price fluctuated from $3.26 to $4.56. At the end of the day today, it had declined by $1.05, closing at $3.40.

Penny stock newsletters have been boasting about MRI Interventions’ high volumes. Averaging a daily volume of nearly 32,000 shares, the volume today was five times that amount, at more than 158,000 shares. Today’s volume surpassed the previous high, which was yesterday, at more than 153,000 shares traded. Trading volume has been spiking since June 26, 2012.

MRI Interventions, which has offices in Irvine, California and Memphis, Tennessee, has been under the radar until recently, when small-cap stock investors started noticing the company’s high volumes and increasing stock price.

MRI Interventions is a medical device company that was created in 1998. The company focuses on minimally invasive procedures in the brain and heart. The company has two main products: ClearPoint and ClearTrace. The ClearPoint system is currently being used by hospitals throughout the United States to perform brain procedures. The ClearTrace system is still under development and will be used to perform heart procedures. Both systems use MRI technology to guide the procedures and both are designed to work with a hospital’s existing MRI machines. The company’s goals are to advance patient care, serve more patients and reduce costs.

On June 5, 2012, MRI Interventions announced that the ClearPoint system was successfully used in Houston, Texas for an MRI-guided brain biopsy. The system is already used to insert electrodes and catheters in the brain. Using the ClearPoint system had several advantages, including confirming the needle tip’s position and ensuring a safe path to the lesion without damaging any nearby vessels.

ClearPoint can also be used to treat neurological disorders such as Parkinson’s disease, Alzheimer’s disease, epilepsy and brain tumors. The system sells for $180,000. There are currently 15 hospitals in the United States that use the ClearPoint system. However, that number could increase in the near future, as there are 4,500 MRI machines used in hospitals around the country.

MRI Interventions has landed some huge partners recently, including Siemens (NYSE: SI), Boston Scientific Corporation (NYSE: BSX) and Tocagen. Plus, with healthcare costs a hot topic in the news, any new technology that can help reduce costs is destined to be a winner. So keep watching this stock. It’s highly unlikely that its run is far from over.

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Published by Lisa Ray

Lisa has a Bachelor of Arts in journalism from Purdue University and 3 years of experience in the publishing field.