NNOX - Why Nanox Stock Skyrocketed Today
2023-05-01 11:51:43 ET
Shares of medical technology company Nano-X Imaging (NASDAQ: NNOX) , also known as Nanox, skyrocketed on Monday after the company received clearance from the Food and Drug Administration (FDA) for its flagship medical device. As of 10:30 a.m. ET, Nanox stock was up by a whopping 60%.
Nanox intends to disrupt the world of X-ray technology with a medical imaging device that it says provides 3D digital images for a fraction of the cost of previously available technologies. One of its devices, its single-source device, received FDA clearance way back in April 2021. However, the company intends to build its business around its multi-source device, and it didn't have FDA clearance for that one. Moreover, it seemed like the FDA's review process would never end.
In Nanox's annual report, filed Monday, management said it received FDA clearance for its multi-source device on April 28. The clearance applies to both Nanox's medical device and the accompanying software known as the Nanox.CLOUD.
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Why Nanox Stock Skyrocketed Today