The Umbra Applied Technologies Group Inc (OTCMKTS:UATG) stock made a strong move and managed to clock gains of as much as 69% as investors piled on to the stock in a big way. The rally in the stock was triggered following a significant announcement from the company’s strategic partner Bacter Science Inc.
Bacter Sciences is a privately held company and is involved in molecular diagnostics and infection detection. Yesterday, Bacter announced that its Pre-Emergency Use Authorization requested was accepted by the Office of In Vitro Diagnostics and Radiological Health and Office of Product Evaluation and Quality, which is a part of the United States Food and Drug Administration.
The application is related is related to a hand held point of care test for detecting COVID 19 infection and the review for the same was conducted by the Division of Program Operations and Management at the FDA. The product is currently in line for a substantive review and if everything goes to plan, it could be awarded the approval for emergency use. Since Bacter Science is Umbra Applied Technologies Group’s partners, the news has led to considerable excitement about the latter’s prospects and the rally is perhaps understandable.
Market Reaction:
On Tuesday, UATG stock soared 69% at $0.0268 with more than 31.52 million shares, compared to its average volume of 14.09 million shares. The stock had moved within a range of $0.0160 – 0.0289 after opening the trade at $0.0175. Over the past 52-week, the stock has been trading within a range of $0.0005 – 0.0488.
 Stock Soars 70%: Here is Why){kind=link}