An innovative diagnostic device manufacturer Nano-X Imaging Ltd. (NNOX), has written a letter to the US Food and Drug Administration (FDA). This has become a driver of growth in quotations. NNOX’s share price rose 9 % at the auction on June 17 to $30.5.
Nano-X Imaging Ltd. (NNOX) closed the previous trading day at $27.98. Shares were traded at a volume of 8.05 million, much higher than the average volume over the last three months of 2.53 million. It fluctuated between $29.63 and $33.35 during the trading session. The company had an earnings per share ratio of -1.12. NNOX’s stock has gained 6.42% of its value in the previous five sessions and moved 25.67% over the past one month but has lost -33.20% on a year-to-date basis. The stock’s 50-day moving average of $29.18 is below the 200-day moving average of $41.42. Moreover, the stock has an RSI of 58.02 at present.
As soon as it was revealed, the FDA had received a letter asking for permission to sell Nanox.ARC 3D tomography, the stock shot up. X-ray imaging with multi-source and multi-sensors is an innovative system combining multiple sources and sensors into one compact package. According to the company itself, the cost of the Nano-X tomograph will be lower than that of existing counterparts with characteristics sufficient for high-quality diagnostics.
This company has already received medical approval for the development of Nano-X. On the other hand, certain local laws require prior notification to the regulator before a medical device is sold directly to the public. This is necessary to check the conformity of the serial production with the previously approved demo. After the regulator evaluates the Nano-X and finds no significant differences in the characteristics, it will become available for sale.
For Nano-X Imaging Ltd. (NNOX) investors, announcing a possible early sales start was welcome news. The Nano-X team of specialists has developed a great MRI scanner that can easily be commercialized. A subscription to the scanner operation is a good solution for hospitals, which cannot afford expensive and analogous machines with more extreme specifications.