NNOX - Up 160% in a Month Can Nanox Stock Keep Soaring?
2023-05-09 05:33:00 ET
Shares of Nanox (NASDAQ: NNOX) , the medical imaging company formerly known as Nano-X, shot through the roof recently. Investors were cheering a recent decision from the Food and Drug Administration (FDA) that will allow the company to market its next-generation imaging machine.
Shares of Nanox have already more than doubled in response to the good news, but what investors now need to know is if it could have more fuel in the tank. Let's look at the road ahead of this start-up to see if buying its stock at this point makes sense.
New CT scanners that produce 3D images of people's internal organs may look modern on the outside, but on the inside, they still rely on old technology. They use big, expensive light bulbs to heat metal filaments past 2,000 degrees Celsius to produce a stream of electrons. The costs vary, but it isn't unusual for hospitals to spend more than $100,000 replacing the tube on a busy CT scanner.
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Up 160% in a Month, Can Nanox Stock Keep Soaring?