As markets are volatile due to inflation fears, “Biotech Medical” companies stay the course, here is a look into four stocks that have buzzed recently.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company involved in providing fast, intelligent, and non-invasive testing solutions. Intelligent Bio Solutions Inc. asserts that the Intelligent Fingerprinting Drug Screening System that it developed would change the face of portable testing through fingerprint sweat analysis. On October 24, the company announced that it had expanded into the New Zealand market. It was another major milestone for its Intelligent Fingerprinting Drug Screening System. The harm caused by drugs amounts to an eye-popping $1.9 billion a year.
The President and Chief Executive Officer of the company, Harry Simeonidis, spoke about the latest move as well. He noted that everyone at Copay was delighted at the expansion into the New Zealand market. It was also the completion of another key growth milestone for the company, he noted.
Earlier this month, the company announced that its Intelligent Fingerprinting Drug Screening System had been adopted by VKVP Haulage, the container logistics specialist. The company also revealed that it had been successful in completing 25000 intelligent fingerprinting tests with Auctus Management Group, its existing customer.
It was also revealed that the system from Intelligent Bio Solutions would be used to complement the alcohol testing program that VKVP Haulage already had in place. That would help VKVP Haulage inculcate the best practices of the industry in its fleet of 80 HGV trucks. Auctus Management Group deployed the company’s system to complete the 25000 tests as part of the work induction procedure for a significant rail construction project.
Also, the company announced that it had successfully completed the underwritten public offer of units. Intelligent Bio Solutions revealed that it raised $4.378 million in gross proceeds from the offering and major reason why the stock has experienced a significant decline in the last several weeks.
Xortx Therapeutics (NASDAQ: XRTX | TSXV: XRTX) On October 20, the company’s stock gained momentum and ended up with notable gains amidst a sharp rise in trading volume. Although there was no news about Xortx Therapeutics, the stock gained considerable traction, and at one point it had clocked gains of 110%.
That being said, on October 25, the company is going to host a special shareholder meeting. At that meeting, the company would have a vote on a share consolidation plan. Xortx is looking to boost its share price through a reverse stock split. The necessity is understandable since the stock could be delisted from NASDAQ since the shares have been trading lower than the minimum bid price requirement of $1. Additionally, it also emerged that Institutional Shareholder Services (ISS) recommended the company’s shareholders vote in favor of the move.
Connexa Sports Technologies Inc. (NASDAQ: CNXA) On October 19, the company was in focus after it announced its operating results for the quarter that ended on July 31, 2023. Connexa Sports Technologies Inc. reported revenues of $3.1 million for the quarter, which reflected a drop from the revenues of $3.6 million in the corresponding quarter last year.
The company reported operating losses of $1.9 million, which worked out to a 40% decrease from the loss of $3.1 million in the same period last year. Connexa Sports also launched its Slinger Bag Pickleball Launcher product in the United States, the fastest-growing racquet sports market and home to 5 million players. The company also announced that it met four out of the five NASDAQ compliance requirements. Connexa Sports noted that the company expected that fifth requirement to be met by the deadline of January 22, 2024.
Gingko Bioworks (NYSE: DNA): The company is known for working on the development of a major platform related to cell programming and biosecurity. On October 19, Gingko Bioworks made a joint announcement with the Government of Serbia. It emerged that the company and the Serbian government had signed a Memorandum of Understanding with the aim of working together to promote the bioeconomy of Serbia.
As per the plans of the partnership, the company and the Serbian Ministry of Science, Technology Development, and Innovation would collaborate on the development of a startup accelerator. The accelerator would deploy the horizontal platform Gingko and the company’s considerable expertise to help Serbian companies build through biology. Companies in Serbia would then be able to use the comprehensive research and development services if they were included in the accelerator. The services from Gingko would help the startups progress with their projects at a faster pace, which may have otherwise required considerable financial and infrastructural investment.
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