Why Did BIAF Stock Surge 20% In Pre-Market Today?
Synopsis
The stock jumped on heavy volume after a positive update tied to its AI-driven lung cancer screening test.
Shares of BioAffinity Technologies (BIAF) popped around 20% in pre-market trading on Tuesday, after the biotech company shared a positive update from a new case study evaluating its non-invasive CyPath Lung test in evaluating lung cancer risk.
BioAffinity used the CyPath Lung test on a 71-year-old former smoker with multiple lung nodules, a condition that often leads to invasive procedures.
“In this case, the patient’s CyPath Lung result was negative, indicating a low likelihood of malignancy, and together both the patient and I were comfortable in waiting for a follow-up CT scan in three months,” said Daya Nadarajah, MD, the patient’s pulmonologist.
Follow-up CT scans showed that the suspicious nodules had resolved, confirming they were likely due to inflammation rather than cancer. CyPath Lung test uses advanced testing and artificial intelligence to analyze cells in a patient’s sputum and detect signs that could suggest cancer.
More than 4 million shares changed hands in pre-market trading, well above the average of 0.3 million, according to Stocktwits data.
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