GBS (NASDAQ:GBS) Stock Moves Up 17% in a Week: More to Come?
GBS (NASDAQ:GBS) jumped 17% last week after the company announced that it had been awarded a $ Australian Federal Government scientific grant of $4.7 million to find the construction of a Biosensor Technology manufacturing facility.
The project is among the six National Manufacturing Priorities the Government identified under the Modern Manufacturing Strategy. The Medical Products Priority Grant will support establishing a modern medical device production facility to expand Printable Organic Electronic Biosensor tech production in the APAC region.
The company’s leading product candidate, the Saliva Glucose Biosensor, is the maiden product developed through the Biosensor Platform. It is currently under development as a point of care test for diabetes patients as a non-invasive alternative to blood glucose testing. The test will be a pain-free alternative to conventional testing methods that utilize Organic thin Film Transistor, which offers real-time glucose measurements in a device or app for over 460 million people globally. So in the coming months, GBS is a stock to watch.
Market Reaction:
On Wednesday, GBS stock surged 17% at $4.29 with more than 6.23 million shares, compared to its average volume of 747k shares. The stock had moved within a range of $3.6500 – 5.1100 after opening the trade at $3.70. Over the past 52-week, the stock has been trading within a range of $2.4410 – 14.2400.
