There are certain sectors which are almost always in focus among investors due to the sort of innovative work that companies in the sectors are involved in. One such sector is the biomedical sector and every day many investors flock to the markets to discover the stocks from the sector that may be worth tracking
One of the stocks from the biomedical sector that may be worth looking into this morning is that of NovAccess Global (OTCMKTS:XSNX). The company had been in considerable focus among investors yesterday and it stock emerged as one of the major gainers as it ended the day with gains of as much as 25% for the day. In this situation, it may be a good move to take a look at the company’s operations and the latest events that had impacted the stock.
Trading Data
On Wednesday, XSNX stock moved up 25% to $0.2250 with more than 5.8K shares, compared to its average volume of 7.3K shares. The stock moved within a range of $0.1700 – 0.2500 after opening trading at $0.17.
About The Company
The biomedical company NovAccess Global is involved in speeding up the development of unique cancer therapeutics and diagnostics. The company’s main goal is to develop, discover and eventually bring to the market unique and innovative medical devices as well as medicines which could drastically improve the quality of care that is provided to neurological and cancer patients.
At this point in time, NovAccess Global is involved in the development of a cancer vaccine therapy that strengthens the immune response of a patient against brain tumors. Now that you have a fair idea about the nature of NovAccess Global as a biomedical company, it could be the right time to now take a look into the recent developments about the company.
NovAccess Global Announces Uplisting to OTCQB
Wednesday was a day of major development for NovAccess Global as the company announced that its stock had been uplisted. The uplisting had taken place from the OTC Pink Sheet to the OTCQB platform of the OTC Markets Group. However, it should be noted that despite the uplisting, the ticker symbol is going to remain the same.
An uplisting is almost always regarded as a major development for any company and hence, it was perhaps not a surprise that the NovAccess Global stock rallied strongly following the announcement. The uplisting indicates that there is now going to be greater transparency for investors and that is almost always a good thing for a company which might be looking to attract more capital.
In order to get the OTCQB listing, the company had to complete and submit its financial reporting for the previous two years to the United States Securities and Exchange Commission. In addition to that, it also had to expand its board of directors so that it could have the required number of directors on the board. Another administrative requirement that NovAccess Global had to adhere to was an annual verification and certification process.
There were other processes that the company had to work on as well. The uplisting is going to provide the NovAccess Global stock with higher visibility among a bigger pool of investors and could lead to positive outcomes for the shareholders as well.
Technical Data
XSNX stock is trading above the 20-Day and 50-Day Moving averages of $0.19 and $0.20 respectively. However, the stock is trading below the 200-Day moving average of $0.35. The company has a total market capitalization of $4.05 million. The stock is down 43% over the past 6-month.
