Intelligent Bio Solutions (NASDAQ:INBS) stock is rocketing higher on Monday thanks to a new milestone for the biosensor company.
As detailed in a press release, the development of Intelligent Bio Solutions’ biosensor platform is going well. The latest data comes from Milestone 7, which is part of that company’s platform development.
In this news, the company points out the progress in testing time-to-result (TTR), sensitivity, and reproducibility. It notes that it saw a four times improvement in TTR. That means it can return results in less than one minute.
Harry Simeonidis, CEO of Intelligent Bio Solutions, said the following about the news.
“We are thrilled to have reached another key development milestone for our biosensor platform, particularly demonstrating a substantial TTR reduction from 120 to 30 seconds, far below our original target of over 1 minute per test. Based on these successful results, the biosensor development team has now proceeded to its next testing phase, which will include testing human saliva.”
What This Means for INBS Stock
These positive results show Intelligent Bio Solutions is making headway with its development plans. Also, the fact that it’s preparing for saliva testing next is a major deal. Investors will want to keep an eye on INBS stock as results from those tests could result in another rally for the shares.
Today’s rally is fueled by heavy trading as investors buy INBS stock. This has some 86 million shares on the move as of this writing. That’s a massive jump compared to its daily average trading volume of about 54,000 shares.
INBS stock is up 363% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.