Avalon GloboCare (NASDAQ:ALBT) stock is up on Wednesday alongside news of a new medical device being launched by Laboratory Services MSO.
Laboratory Services MSO is preparing to launch its GeeWhiz External Condom Catheter in the third quarter of 2024. This patented medical device has been approved by the Food and Drug Administration (FDA).
The GeeWhiz External Condom Catheter is targeted at male patients with incontinence. The market for this was $6.37 billion in 2022 and is expected to see a compound annual growth rate of 5.87% from 2023 to 2030.
Avalon GloboCare president and CEO David Jin said the following about the news:
“The GeeWhiz External Condom Catheter represents a significant advancement in managing male incontinence. Not only is this device FDA-registered and approved for reimbursement by Medicare, but it is also supported by several private insurance providers.”
What This Means for ALBT Stock
Any good news for Laboratory Services MSO is good news for Avalon GloboCare. That’s due to it holding a 40% stake in the company.
Also, with today’s news comes heavy trading of ALBT stock. As of this writing, more than 173 million shares have changed hands, well above its daily average trading volume of about 2.9 million shares.
ALBT stock is up 173.4% as of Wednesday morning.
There are more stock market stories ready to go down below!
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More Wednesday Stock Market News
- Mars Announces Kellanova Deal: What This Means for K Stock
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- Why Is TC BioPharm (TCBP) Stock Down 46% Today?
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
