Nanovibronix, Inc. (NAOV), a company having expertise in developing technologically innovative medical products, is trading at $2.14 in the premarket on Monday, losing about 17.82% thanks to profit-taking after massive gains. During the regular trading on Friday, 23rd July, the company achieved its maximum share price of $2.62, a gigantic rally of about 248.14%.
NAOV’s Recent success
The company has seen this tremendous increase in its share price on NASDAQ after a press release on Thursday, in which a medical journal released a report, stating that the patients treated for urinary tract infections have overwhelmingly trusted the company’s product in the treatment of the disease.
The company’s journey was a bumpy ride up until this latest development. In November 2020, the company released its third quarterly report. The report claimed that its business got badly hit by the current COVID-19 crisis, as its operations were generally based in the countries facing the worst consequences of the pandemic. The manufacturing plants got shut down, and ultimately, it imparted a negative influence upon productivity. Hence, the sales orders which were to be completed in the first quarter of the year 2020 got completed in the second quarter.
NOAV Stock’s trend throughout the previous year
The release of quarterly results in November 2020seems to have an impact upon the stocks, as the share price increased from $0.6 to $1.13. Afterward, the share price got dipped in mid-December, and got slipped to $0.76, but gained the momentum back with the beginning of New Year. A mere week ago, the stock was trading at $0.70, but within just 6 to 7 days, it has experienced a boom, in the form of an increase of 248% increase in share price on Friday.
Improvements within policy matters
In order to increase its productivity and financial output, the company is aiming for improvements in some aspects. It wants to clear itself of the regulatory requirements; hence more of the company’s products would be sold. This could positively influence the already booming finances of the company and could cause an increase in its revenues. Besides, the company is requesting the approval of stockholders to increase the authorization of shares. This could lead the company to meet its stock conversion obligations.
NOAV’s Future Outlook
The past trends depict that the future looks positive for NAOV stock. Since the last 12 months, the company’s share price has risen by some 65%, depicting a trend that does not seem to be diminishing with time. The effectiveness of Nanovibronix’s products makes it one of the leading companies in the medicinal diaspora. Any new product launch by the company could further enhance its financial repute and could increase investor’s interest in the company. So, investors should closely monitor the performance of NAOV stock in the future.