This year, many early stage medical device names have become popular with retail investors, and Senseonics Holdings (NYSEAMERICAN:SENS) certainly had its place in that trend. But don’t take that to mean that SENS stock is merely a meme stock.

Yes, as the meme stock trend has cooled off, excitement for Senseonics has as well. After skyrocketing from around $1 per share to as much as $5.56 per share, it has bounced between $2 and $4 per share. So that momentum isn’t helping investors right now.

Even so, it has too much going for it to be limited by that perception.

Instead, as its flagship Eversense CGM (continuous glucose monitor) takes off, expect the same to happen to its share price once again. Perhaps not immediately, but in time? It looks very possible. And with a major name in the diabetes care space as its commercialization partner, it stands to see its sales — already up a lot from last year — make another big leap higher.

Especially as there’s something in the works (more below) that could soon fuel such a leap. The headlines alone from this playing out may result in an upward surge for shares.

SENS Stock and its Big Potential With Eversense

Before diving further into Senseonics, let’s take a closer look at its Eversense product, and why it more than deserves the buzz surrounding it.

As discussed above, this product is a continuous glucose monitor. The most obvious advantage of this product is that it’s a hassle-free alternative to the traditional glucose monitoring methods. The version of this product  currently approved for sale in the U.S. can be implanted and used for up to 90 days, before it needs to be replaced.

Yet besides convenience, this product offers other advantages that could enhance the lives of patients with diabetes. For example, when I last talked about SENS stock, I quoted one medical professional, who saw this product as having “the opportunity to achieve improved health outcomes,” following the initial rollout of this product in their health system.

And add in the fact it’s partnered with Ascensia Diabetes Care, a leading diabetes cares company. With all that, it’s easy to see this product eventually capturing a big share of a more than $12 billion market. Of course, many have come to the same conclusion. That’s why it took off like it did starting in January, and why it popped on the radar of meme stock investors.

However, don’t take this to mean you’ve somehow missed the boat. The true “payoff” for Senseonics has yet to happen. It still stands to make further moves to higher prices in the years ahead. Better yet, there may be a game-changer that emerges much sooner. Something that gets it out of its sideways trading pattern, and back on the path to higher prices.

The Needle-Moving Catalyst That Could Soon Play Out

There’s been one key development that investors in SENS stock have been waiting on for months. That’s news of it obtaining Food and Drug Administration (FDA) approval for the 180-day version of its Eversense CGM system. Per its most recent quarterly results release, the FDA’s active review is still ongoing.

But once it comes to a decision, and if it’s favorable to Senseonics? The stock could see a repeat of some of the epic moves it made earlier in 2021. Why? More than doubling the length it could be used makes it more cost-effective. In turn, this should help bolster demand for it in the American market.

So, does this mean the play here is to buy it now, and sell on the news of Eversense’s 180-day product getting FDA approval? I wouldn’t say that. Cashing out after a boost on this news could be a profitable move.

But with past projections calling for Eversense to generate as much as $200 million in sales by 2025 (versus as much as $15 million in sales this year), you may miss out by selling too early.

The Verdict

Senseonics may no longer have the meme stock phenomenon driving it to higher prices. But given what the company has achieved so far, and what it stands to achieve, with Eversense? Putting it simply, it doesn’t need this trend to be its friend. It has the ability to make additional big gains on its own merits.

The true “payoff” for the company may still be years away. Yet with a possible catalyst courtesy of the FDA, that could soon play out, shares may be in to make another incredible run.

With an “A” rating in Portfolio Grader, SENS stock is a buy at its current low price around $3.50 per share.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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