MOM is up 14.3% this morning after the company issued the promising news. The trading volume already topped the average 2.5 times which suggests that the bullish pressure might continue throughout the day.
Miraculins released news before the market opened stating the company was issued a patent by the State Intellectual Property Office of the People’s Republic of China that allows them to use a tape stripping device for skin sampling. The patent covers elements of the company’s PreVu Non-Invasive Skin Cholesterol Lab Processed Test used for collection of skin samples.
With this patent Miraculins plan for global availability of Skin Cholesterol product has come one step further. The technology itself is quite an innovation allowing to test cholesterol levels with an easy non-invasive method that could quickly be adapted even in the emerging markets.
In reaction to the news MOM stock price even broke above the most recent resistance which was holding the price below 11.5 cents per share for the past half a month. An increase in price has some clear limits though – there is a substantial resistance around 15-16 cents per share, so traders can expect no more than 25% gain at best on this occasion.