Align Technology, Inc. ALGN shares traded higher on Monday. The stock has jumped over the past week, here's a look at why.
What To Know: While shares of Align made a modest attempt in November to recover from a considerable drop in price at the end of October, it wasn't until the past week that the stock really took off.
Last Wednesday, Align announced that Health Canada issued an updated medical device license to the company for its Invisalign Palatal Expander System. The following day, shares popped approximately 15% on the news.
On Monday, the company announced that the U.S. Food and Drug Administration cleared the product for commercial availability in the U.S.
The Palatal Expander System provides doctors a, "removeable, safe, and clinically effective alternative to traditional palatal expanders."
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ALGN Price Action: Shares of ALGN were up 2.62% at $261.69 at the close of the market, according to Benzinga Pro.
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