What could possibly cause Cardio Diagnostics (NASDAQ:CDIO) to more than double in a single day? Without a doubt, today’s action in CDIO stock is due to the company’s announcement of a new product. Specifically, Cardio Diagnostics just announced the launch of PrecisionCHD, a blood test with an artificial intelligence (AI) angle.
Cardio Diagnostics uses machine learning technology to develop products focused on the detection and prevention of cardiovascular disease. As you’re surely aware of by now, financial traders have been enthused about practically any publicly listed company with an AI angle so far in 2023.
As for Cardio Diagnostics’ new product, the company describes PrecisionCHD as an “integrated epigenetic-genetic blood test for the early detection of coronary heart disease.” Of course, medical businesses create new products all the time. So, what makes PrecisionCHD so notable to financial traders?
Most likely, the AI angle is what’s capturing investors’ attention today. As the press release emphasizes, PrecisionCHD is “built using Cardio Diagnostics’ proprietary AI-driven Integrated Epigenetic-Genetic Engine.”
What’s Happening With CDIO Stock?
Amazingly, CDIO stock rocketed higher than 190% earlier this morning before pulling back somewhat. As of this writing, shares are up more than 150%, holding well above the $3 mark.
Perhaps it was inevitable that a company like Cardio Diagnostics would launch an AI-powered coronary heart disease blood test in early 2023. After all, the market seems receptive to just about anything involving machine learning and related technology.
Granted, PrecisionCHD could also have promising, preventative medical benefits. Reportedly, the product “detects coronary heart disease with better than 75% sensitivity in both men and women.”
Moreover, Cardio Diagnostics emphasized PrecisionCHD’s Actionable Clinical Intelligence platform in its news release. This “maps a patient’s unique biomarker profile” onto an array of coronary heart disease risk factors (diabetes, hypertension and so on).
Cardio Diagnostics co-founder and Chief Medical Officer Robert Philibert calls the new product “a leap forward in cardiovascular medicine.” Meanwhile, CDIO stock is leaping forward today, doubling in price and demonstrating the market’s penchant for all things related to AI.
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On the date of publication, David Moadel did not hold (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.