ORGO: 52 Week Low to Phase 3 Win in the Same Day

Organogenesis hit a 52 week low of $2.21 today and then dropped positive RCT data after hours. PuraPly AM met its primary endpoint in diabetic foot ulcers. Statistically significant wound closure at 12 weeks (p < 0.0477). 170 patients, multi-center, randomized controlled trial.

This matters because CMS coverage rule changes are what crushed this stock. Revenue guidance got gutted and the stock went from $5+ to $2.21. This RCT data is their ammunition to fight for coverage inclusion. The company said it directly, they believe publication of these results will "strongly support PuraPly AM's inclusion in future coverage policies."

If CMS grants coverage based on this data, ORGO re-rates significantly from here. Watch pre-market.