Why ReShape Lifesciences Stock Is Moving Higher Wednesday

Zinger Key Points
  • ReShape Lifesciences gains approval for its patent application called, "Intragastric Device (For Treating Obesity)."
  • ReShape is trending across different social media platforms as its stock trades on abnormally high volume.
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ReShape Lifesciences, Inc. RSLS shares are trading higher Wednesday morning following the company’s announcement that it received approval for its patent application.

What Happened: On Tuesday after the market close ReShape Lifesciences reported that it gained approval from the United States Patent and Trademark Office for its application entitled, “Intragastric Device (For Treating Obesity).”

In the patent filings, the company described the product as a swallowable implant that expands via a balloon in the stomach to induce a feeling of fullness, helping to restrict food intake.

After a set amount of time, it shrinks back to a smaller size so it can pass through the rest of the digestive system. Furthermore, the product includes visualization and tracking components.

ReShape Lifesciences is currently trending across social media platforms, trading on abnormally high volume following the patent approval. ReShape’s average session volume is about 1.6 million, according to Benzinga Pro. Wednesday’s trading volume has already exceeded 157 million at publication time.

Related Link: Weight-Loss Drug Forecasts Skyrocket To $150B As Novo Nordisk, Eli Lilly Ramp Up Supply

How To Buy RSLS Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Reshape Lifesciences’ case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

RSLS Price Action: According to Benzinga Pro, Reshape Lifesciences stock is trading 61.8% higher at 33 cents at the time of writing.

Image: 4092613 from Pixabay.

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