NNOX - Why Nanox Stock Popped Off Another Huge Gain Today
2023-05-22 16:41:25 ET
Shares of Nano-X Imaging (NASDAQ: NNOX) , also known as Nanox, popped off more gains on Monday after the medical imaging device company reported financial results for the first quarter of 2023. As of 3:40 p.m. ET, Nanox stock was up 11%.
Nanox is a very early stage company. At this stage, it's less about the numbers and more about commentary from management. On May 1, Nanox stock started flying higher on news that the U.S. Food and Drug Administration (FDA) had cleared its device that's meant to disrupt the X-ray market. The stock has already more than tripled this month as a result.
With Q1 results, Nanox's management gave updates about its business in Africa. It already had plans in place for its Nanox.ARC device in Ghana and Nigeria. But today, management says it now has an agreement in place in the Kingdom of Morocco as well.
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Why Nanox Stock Popped Off Another Huge Gain Today