bioAffinity Technologies Inc. (NASDAQ:BIAF) slipped 3.81% in after-hours trading on Thursday, falling to $3.28.
Check out the current price of BIAF stock here.
According to Benzinga Pro data, the biotechnology company closed Thursday's regular session with a 25.83% gain, rising $0.70 to finish at $3.41.
Patent Notification Drives Rally
bioAffinity Technologies received a notice of allowance from the U.S. Patent and Trademark Office (USPTO) for a patent covering its AI-powered lung cancer detection platform.
The rally followed bioAffinity's Wednesday announcement that it had regained full compliance with Nasdaq listing standards, meeting both the $1.00 minimum bid price and the $2.5 million stockholders' equity requirements under Listing Rules 5550(a)(2) and 5550(b)(1).
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AI Technology Detects Stage 1A Cancer
The patent, titled “Detection of Early-Stage Lung Cancer in Sputum Using Automated Flow Cytometry and Machine Learning,” protects the algorithm behind bioAffinity's CyPath® Lung diagnostic platform.
Maria Zannes, President and CEO of bioAffinity Technologies, said in an Oct. 16 press release that "artificial intelligence was integral to the development of our CyPath® Lung test and has resulted in the detection of lung cancer at its earliest Stage 1A, a potentially curative stage."
Earlier in October, the company reported that third-quarter sales of CyPath® Lung hit a record high, rising 95% compared to the previous quarter.
Growing Patent Portfolio
This U.S. patent adds to the biotech's portfolio of 18 granted and 33 pending patents across 12 countries.
bioAffinity Technologies remains under a one-year Mandatory Panel Monitor by Nasdaq.
Social Media Buzz
The stock also gained attention on social media.
Market Context
The San Antonio-based company has declined 87.51% year-to-date and 37.77% over the past month, while gaining 17.38% in the last five days.
BIAF has traded between $2.34 and $67.12 over the past year, with a market capitalization of $15.28 million and an average daily trading volume of approximately 5.21 million shares.
Benzinga Edge Stock Rankings indicate that BIAF stock has a negative price trend across all time frames. Track the performance of other players in this segment.
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