Clinical stage medical diagnostics firm Check-Cap Limited (NASDAQ:CHEK) has seen its stock make a strong move in the past few days and the trend continued yesterday as the stock jumped by as much as 19% amidst heavy interest.
Trading Data
On Tuesday, CHEK stock rose 19.02% at $1.1100 with more than 28.69 million shares, compared to its average volume of 1.34 million shares. The stock has moved within a range of $0.9400 – 1.3100 after opening the trade at $0.9634.
Gets New Patent
Those gains took the cumulative gains over the course of the past week to as much as 26%. Yesterday the company announced that it had got a decision in favour of granting a patent for its C-Scan proprietary tracking technology from the United States Patent and Trademark Office. It goes without saying that the granting of a patent is a major development for Check-Cap and the performance of the stock yesterday is perhaps not surprising.
The patent in question is titled “Position Estimation of Imaging Capsule in Gastrointestinal Tract”. It has been claimed that the tracking technology developed by Check-Cap helps the C-Scan system in keeping track of the C-Scan capsule in the body of the patient accurately. In addition to that, it also provides the option of activating the capsule in real time. The performance of the Check-Cap stock is perhaps an indication that it is possibly time for investors to keep tracking it over the coming days.
Key Quote
“This strategic patent further protects the global rights of our technology,” said Alex Ovadia, Check-Cap’s chief executive officer. “The development of a solution that ensures powering optimization and tracking of an ingestible capsule throughout the whole scanning procedure is key, and we believe that this patent further positions our disruptive technology as one of the most advanced of its kind worldwide. Furthermore, this technology opens potential opportunities for additional applications such as localized drug delivery. With more than 50 granted patents worldwide, covering key strategic aspects of our deep tech foundations, we continue our commitment to enhance and protect the rights over our unique technology that is designed to offer the many people in need, a patient-friendly advanced option for the detection of precancerous polyps.”
Technical Data
CHEK stock is trading above the 20-Day and 50-Day Moving averages of $0.92 and $0.92 respectively. However, the stock is trading below the 200-Day moving average of $1.36. The stock is up 27% in the past month.
