BioCardia Inc. (NASDAQ:BCDA) stock is up on Friday as the company is confirming progress toward potential market approval for its CardiAMP cell therapy.
The positive movement follows the FDA’s acknowledgment that the ongoing CardiAMP Heart Failure II Trial may support Premarket Approval (PMA) for the therapy, which targets ischemic heart failure with reduced ejection fraction (HFrEF).
FDA Update For CardiAMP Cell Therapy
The FDA’s meeting minutes indicate that BioCardia’s CardiAMP Heart Failure II Trial could pave the way for market clearance, a crucial step for the company’s growth.
BioCardia is a clinical-stage company developing cellular and cell-derived therapeutics.
CardiAMP Cell Therapy uses a patient’s own bone marrow cells delivered to the heart in a minimally invasive, catheter-based procedure intended to increase capillary density and reduce tissue fibrosis of myocardial tissue to address microvascular dysfunction.
The Japan Pharmaceutical and Medical Device Agency has indicated that the clinical results from three completed clinical trials for ischemic heart failure likely provide sufficient evidence of safety and efficacy to support a successful submission for approval.
BCDA Technical Analysis: Momentum Improves Above Key Averages
BioCardia has struggled over the past year, with shares still down 33.8% on a trailing 12-month basis. However, Friday’s surge significantly improved the stock’s near-term technical setup.
The stock traded 44.5% above its 20-day simple moving average, 29.1% above its 50-day simple moving average and 20.4% above its 100-day simple moving average, reflecting strong short-term momentum.
Investors are now watching the 200-day moving average, which sits near $1.33. Shares traded about 6.3% above that level, while the 200-day exponential moving average near $1.40 represents another potential resistance zone.
Technical indicators also point to strengthening momentum. The moving average convergence divergence, or MACD, remains above its signal line and the histogram is positive, suggesting buying pressure has continued to build.
Traders are watching resistance near $1.50, a key round-number level that could limit further upside. On the downside, support is seen near $1.00, which aligns closely with the stock’s 20-day and 50-day moving average range.
BCDA Stock Price Activity: BioCardia shares were up 45.71% at $1.20 at the time of publication on Friday, according to Benzinga Pro data.
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