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Tag: GBS Inc

  • GBS Inc. (GBS) stock Rebounded in the After Hours Following an SEC Filing

    On February 28, shares of GBS Inc. (GBS) stock made a comeback in the after-hours following an SEC filing. As per the filing, Prof. Jonathan Sessler has resigned from the company’s board of directors. Furthermore, the resignation was not due to any disagreement with the company.

    Source: Pexels

    The stock suffered a loss of 8.82% in the regular trading session at its closing price of $0.4600. GBS stock’s day range varied between $0.4360 and $0.5200 while 753.44K shares exchanged hands. The day’s volume was below its average at 75%. Following the SEC filing, the stock rebounded in the after-hours to add 32.61%. Hence, GBS was trading at a value of $0.61 per share in the after-hours on Monday.

    The biosensor diagnostic technology company, GBS Inc. is a subsidiary of Life Science Biosensor Diagnostics Pty Ltd. Currently, its 14.88 million outstanding shares trade at a market capitalization of $7.51 million.

    GBS stock Movement Analysis

    On February 11, the company reported its Q2 fiscal 2022 financial results. Following the results, the stock continued to go down till reaching a new low of $0.3810 on February 23. The new low price resulted in a comeback of the stock as investors seemed to have found it as a good buying opportunity. After that, GBS stock surged up for two days to once again suffer a fall. The stock was in a downtrend on Friday and the regular trading on Monday. The company filed the current report of Form 8-K regarding the resignation of the director on Monday. Following this, the stock rebounded once more.

    Fiscal Q2 2022 Results

    The company’s Q2 fiscal 2022 ended on December 31, 2021. In the quarter the company suffered from a preliminary net loss of $3.46 million. This compares to a net loss of $1.99 million in the year-ago period. Resultantly, the net loss per share was $3.46 and $0.23 in Q2 fiscal 2022 and fiscal 2021, respectively.

    Moreover, GBS ended the quarter with cash, cash equivalents, and marketable securities of $11.9 million. Comparatively, the same was $12.57 million on June 30, 2021.

    GBS’ Recent Participation

    In January 2022, the company participated in two virtual investor conferences.

    Firstly, in the 11th Annual LifeSci Partners Corporate Access Event which took place on January 07, 2022.

    Secondly, in the H.C. Wainwright BioConnect Virtual Conference, which took place from January 10 to 12, 2022.

    The company’s interim CEO and Chairman of Board, Dr. Steven Boyages along with other members of the management team participated in the conferences.

  • What Is Hurting The GBS Stock Premarket?

    What Is Hurting The GBS Stock Premarket?

    At last check in pre-market trading, shares of GBS Inc. (GBS) were down -3.31% at $3.80. Last session, GBS stock rose 33.2%, or $0.98, to $3.93. GBS stock fluctuated between a price range of $3.28 and $4.65. There were 8.28 million shares traded, exceeding GBS’ average daily volume over the past 50 days, which was 0.58 million, and the average volume for the year, which was 0.53 million.

    GBS’ stock has fallen -0.25% over the past week while it has fallen -48.63% over the past six months. During the last three months, GBS stock has declined by -29.32%, and since the beginning of the year it has lost -46.89%. GBS stock fell even after the company was awarded a $4.7 million grant by the Australian Federal Government.

    What was the purpose of the grant?

    GBS is a life science company that develops non-invasive, real-time monitoring and diagnostic tests that assist patients in monitoring and diagnosing medical conditions. Through its Biosensor Platform, GBS creates and launches diagnostic tests that people with diabetes urgently need to help them live a healthier life.

    A US$4.7 million, Australian Federal Government scientific grant has been awarded to GBS for the development of a biosensor manufacturing facility.

    • Under the Modern Manufacturing Strategy (MMS), the Government has identified this as one of six National Manufacturing Priorities.
    • Through the Australian Federal Government’s Modern Manufacturing Initiative, the Medical Products Priority Grant will support the establishment of an Australian medical device manufacturing facility that will scale up the production of the Printable Organic Electronic Biosensor technology for the Asia Pacific region.
    • Saliva Glucose Biosensors (SGB), GBS’s flagship product, will offer non-invasive blood glucose testing to people with diabetes by providing a non-invasive alternative to finger-stick glucose testing.
    • Through alternative testing methods, such as the use of an Organic Thin-Film Transistor (OTFT), the more than 460 million people who live with diabetes in the world can now determine their glucose level in real-time on an app or device.

    GBS’ COVID diagnostic plans:

    A rapid point-of-care diagnostic test called the SARS-CoV-2 Antibody Biosensor is also planned as an addition to the SGB and GBS intended to monitor exposure and immunity in real time in a bid to combat COVID-19. GBS is developing the SARS-CoV-2 Biosensor in collaboration with Harvard University’s Wyss Institute for Biologically Inspired Engineering. It is expected that GBS’ biosensor technology will integrate with the Institute’s eRapid electrochemical sensor technology to enable the detection of multiple SARS-CoV-2-related biomarkers simultaneously for point-of-care COVID-19 diagnostics.