Modular Medical, Inc. ( MODD ) shares are trading higher Thursday after the company announced it received U.S. Food and Drug Administration (FDA) clearance to market and sell its MODD1 pump in the United States.

The Details:

Modular Medical ( MODD ) shares soared in after-hours trading Wednesday after the company originally announced it, but the stock has since given back much of its gains. 

The company expects the MODD1 patch pump for adults with Type 1 and Type 2 diabetes to be available for sale in early 2025. 

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“For too long, the benefits of superior glycemic control achieved by insulin pumps have, due to cost and complexity, been restricted to only the most sophisticated, motivated and well-insured users. The goal of Modular Medical ( MODD ) has always been to change this by making diabetes technology accessible and affordable to underserved communities,” said Jeb Besser, CEO of Modular Medical ( MODD ).

How To Buy MODD 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 Modular Medical's ( MODD ) 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.

MODD Price Action: According to Benzinga Pro, Modular Medical ( MODD ) shares are up 11.4% at $2.18 at the time of publication Thursday. 

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Image: Gerd Altmann from Pixabay