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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
