Boston, MA 06/12/2013 (wallstreetpr) – The share prices of Cardionet Inc. (NASDAQ:BEAT) had surged by 55.45 percent to close at $4.99 per share for the end of last trading session o Tuesday. The shares of the company had been trading in the range of $4.51 to $5.30 per during the day, which had pushed the company to hit new peaks. The shares of Cardionet Inc. (NASDAQ:BEAT) had thereby adjusted to new 52 week high price level of $5.30 per share and the 52 week low price level of the company is at $1.84 per share.
Cardionet Inc. (NASDAQ:BEAT) is primarily involved in providing continuous real time ambulatory out patient management solutions for monitoring clinical information of an individual’s health. The two major segments in which the company operates its business include Patient product segment and Patient service segment.
The recent surge in share prices by more than 50 percent to hit new peaks is owed the agreement entered by Cardionet Inc. (NASDAQ:BEAT) with United Healthcare Insurance Company. According to this three year National Provider Agreement, all the monitoring modalities of Cardionet Inc. (NASDAQ:BEAT) would now be covered with insurance from the United Healthcare Insurance. The Mobile Cardiac Outpatient Telemetry which provides for the monitoring and diagnosis of cardiac arrhythmias or heart rhythm disorders are also covered under this insurance.
The three year insurance would now be effective from July 01, 2013 and applies to all affiliated entities of United Healthcare as well. The insurance company would thereby cover 70 million members in the United States through this insurance agreement with Cardionet Inc. (NASDAQ:BEAT).
The shares of Cardionet Inc. (NASDAQ:BEAT) had thereby been trading in huge volumes with nearly 6.92 million trades being executed on Tuesday against an average volume of 105,784 shares per day. The company presently holds 25.28 million shares outstanding in the market with an institutional ownership of 65 percent of its holdings.
