Miraculins Inc (CVE:MOM) (PINK:MCUIF) stock price gaped up after the company disclosed details on the FDA clearance for their PreVu product.
MOM gaped up 9.1% on Tuesday under a trading volume of 5.4 million. For comparison the 90 day average turnover was only 529 thousand.
Because of the heavy trading Miraculins even got listed among the most actively traded stocks on the exchange. The price also broke out of consolidation range, but it might prove to be only a temporary success. MOM formed a doji candle for the day showing indecision thus it could very well plunge back down pretty soon. 11 cents would work as support if stock price goes down.
The initial buying pressure came after the company disclosed details on the FDA clearance for its PreVu Non-Invasive Skin Cholesterol Point of Care Test.
The technology was acquired by Miraculin after if got the FDA clearance, thus the impact of these news would be nothing in comparison to the effect of an FDA approval for a new technology. The bullish effect should wear off rather quickly.
It’s not a ground breaking technology either. PreVu was deemed safe for use by physicians in conjunction with other clinical evaluation methods. It is not enough to diagnose the coronary heart diseases, only add more information to the risk evaluation process.
