This morning plenty of investors are expected to be focussed on the Inspira Technologies (NASDAQ:IINN) stock which had emerged as one of the major movers and clocked gains of as much as 36%. In this context, it ought to be noted that the company made a significantly positive announcement yesterday and that led to the strong rally in the stock.
Trading Data
On Monday, IINN stock soared 36.52% to close at $3.14 with more than 71.54 million shares traded, compared to its average volume of 4.68 million shares. The stock has moved within a range of $2.6600 – 3.5400 after opening trading at $3.41.
Major Trigger
The respiratory technology space has grown at a significant rate owing to the COVID-19 pandemic and Inspira Technologies is one of the few companies that is involved in that space. It works towards the advancing respiratory support tech.
Yesterday, the Israel based company announced that it had been successful in signing a distribution agreement by way of which its reach is going to broaden significantly in many of the states in the United States.
After the news about the distribution agreement emerged yesterday, investors piled on to the stock in a big way and sent it soaring. It is now going to be interesting to see if the stock can manage to hold on to its momentum today and adds to its gains or not. It may be a good move to keep an eye on the stock.
Technical Data
IINN stock is trading below the 20-Day and 500-Day Moving averages of $3.14 and $3.25 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.46.
