Gbs Inc (NASDAQ:GBS) Stock Makes a Bullish Move: Here is Why
After the life sciences company Gbs Inc (NASDAQ:GBS) announced this morning that it has been awarded a $4.7 million grant by the Australian Federal Government, its stock has rallied strongly this morning so far and clocked gains of 33%.
The company is involved in providing real time non-invasive testing at the point of care. The grant from the Australian Federal Government is meant for funding the Biosensor manufacturing plant build out. It is a major feather in the cap for GBS considering the fact that it is one of only six projects to have been chosen as National Manufacturing Priorities. The projects were selected by the government under the provisions of the Modern Manufacturing Strategy (MMS).
The grant has been designed by the government of Australia for the purpose of creating an advanced medical devices manufacturing facility in the country. In the context of GBS, it is important to note that the company’s main product is Saliva Glucose Biosensor and that has been developed by deploying the power of the Biosensor Platform. At this point, the product is being developed in such a way so that it can function as a point of care test.
Market Reaction:
As of 12:42, GBS stock moved up 15% at $3.39 with more than 7.18 million shares, compared to its average volume of 583k shares. The stock has moved within a range of $3.3500 – 4.6500 after opening the trade at $3.84. Over the past 52-week, the stock has been trading within a range of $2.4410 – 14.2400.
