Microbot Medical Spikes 60% Amid Technology Patent Allowance

Microbot Medical Inc MBOT shares are trading higher by $3.20 at $8.33 in Wednesday's session.

The catalyst for the near 70 percent rally is the announcement that the company has received a significant patent allowance in the US. The patent allowance covers a device for the prevention of shunt stenosis.

Following a much higher open, the issue retreated only $0.19 to $6.87 before continuing its move higher. So far, the ensuing rally has reached $8.75 but has backed off that level. That high is just shy of its January 5 high ($9.10) and its January 6 high ($8.80).

The rally is taking place on enormous volume. With six hours remaining in the session, 5 million shares have traded compared to its 20-day average of just 142,000.

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