GBS stock soared in Pre-Market: Why did it happen?

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Shares of the GBS Inc. stock soared in the pre-market trading today on September 1, 2021, despite no recent news. GBS stock surged by 45.37% to reach $4.71 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 4.42% at closing. Let’s deep dive to explore more of it.

What’s Happening?

GBS Inc is a New York-based stock that is operating as a biosensor diagnostic technology company. Saliva glucose Biosensor is its principal product that monitors diabetes management. There is no recent announcement or press release by the GBS stock to justify the bullish sentiment. No analysts’ upgrades or increased targeted per share price of the GBS stock has been recently reported. It seems that discussions on Reddit and other social media platforms are driving the GBS stock high. So what you need to know now at this point, let’s discuss some recent events.

GBS stock Wipes out the fear of Diabetes and Covid Testing:

Many people feel inconvenience when it comes to diabetes testing with a pinprick. Due to phobia, people skip ignore much-needed glucose testing and put their lives at risk. Due to these reasons, point of care company GBS has developed a saliva-based Biosensor Platform. The stock is performing diagnostic tests through its Biosensor platform. Apart from this, GBS is contributing to the fight against Covid-19 performing real-time antibody testing to check infection and immunity levels.  About 90% of patients from all markets are responding positively to its Biosensor platform. According to the GBS survey, 7 out of 10 patients have shown interest in buying Saliva Glucose Biosensor.

Financial View of GBS stock:

According to the fourth quarter and full-year 2021 preliminary financial results,

  • GBS stock suffered a net loss of $8.5 million or $0.68 per share as compared to $3.3 million or $0.37 per share in the prior-year same period.
  • GBS recorded $578k from government support income in three months ended June 30, 2021.
  • The stock spent $3.8 million in research, development, and commercialization expenses for the reported financial year.
  • By the end of June 2021, GBS had $12.7 million in cash, cash equivalents, and marketable securities.

Wrap Up:

So far so good for GBS stock as far as market sentiment is concerned. It would be interesting to see how long the rising trend for this point-of-care company will persist. The yearly record is not satisfactory as GBS lost 70.60% in the last 12 months.

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