NNOX - Why Nanox Stock Skyrocketed 191% in May
2023-06-06 16:18:00 ET
Shares of medical-imaging start-up company Nano-X Imaging (NASDAQ: NNOX) , also known as Nanox, skyrocketed 191.2% in May, according to data provided by S&P Global Market Intelligence . The month was packed full of consequential information for investors, and the company's long-term prospects are significantly improved.
I believe Nanox's month will make more sense if I briefly explain the business. Nanox intends to disrupt the X-ray market with its proprietary imaging technology. It claims its machines will be significantly cheaper to install and operate, which could be game-changing for the majority of the world. Nanox also wants to install machines at little or no cost to medical professionals, charging only a per-use fee.
The only problem is the FDA hadn't cleared Nanox's Nanox.ARC multisource imagining machine -- that is, not until May.
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Why Nanox Stock Skyrocketed 191% in May