Neovasc Inc. (TSX: NVC) surged over 44% by end of day, up $0.30 closing at $0.90 on above average volume of 796,800 shares being traded. No recent news could be attributed to the share price appreciation other than completing the Annual Shareholders Meeting on June 15th where all six Directors had been re-elected. Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace.
The Company announced in May that it had lost a court battle with CardiAQ Valve Technologies, a company that was recently acquired by Edwards Lifesciences Corp. (NYSE: EW). CardiAQ filed suit against Neovasc and asserted claims for relief regarding Neovasc’s transcatheter mitral valve technology, breach of the duty of honesty in contractual performance, and three of CardiAQ’s six asserted trade secrets. Ultimately, the jury awarded US $70 million on the trade secret claim for relief, and no damages on the contractual claims for relief.
Based on today’s stock performance, one could speculate something is up, we’ll add this one to the watch list.