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      GBS Inc. (GBS) Falls under Market Corrections in the After hours - Stocks Telegraph

      By Gule Rukhsar

      Published on

      December 1, 2021

      7:57 AM UTC

      GBS Inc. (GBS) Falls under Market Corrections in the After hours - Stocks Telegraph

      GBS Inc. (GBS) stock plummeted by 6.06% in the aftermarket at $1.86, against its last close at $1.98 on November 30. The stock gained a good 22.22% during the regular trading session at a super active volume of 32.49 million. The day’s volume was a staggering 2,593% of the stock’s 65-day average volume of 1.25 million. During regular trading, the stock oscillated between a high of $2.89 and a low of $1.78. While in the 52-week range the stock varied between $1.5500 and $14.2399. The 22.22% gain in the stock out the stocks’ five days’ gain at 19.28% while it has lost 10.00% in the past month. Furthermore, the GBS stock lost a value of over 73% year to date. It currently trades at market capital of $24.11 million with its 14.88 million stocks outstanding.

      The recent decline in the stock in the after-hours happened due to profit booking from its gain during the regular trading session on Tuesday.

      Formerly known as Glucose Biosensor Systems (Greater China) Holdings Inc., GBS Inc. (GBS) is a biosensor diagnostic technology company.

      Stock Decline and Reasons

      On November 30, GBS Inc. (GBS) announced its plans for clinical SARS-CoV-2 Trials following its validation study. Soon after the announcement, the company’s stock volume skyrocketed, being heavily traded at a volume of 32.49 million. The stock reached a high of $2.89 on November 30, after more than 60 days. Gaining over 22% in regular trading, the stock went under market corrections in the after hours. Profit bookers saw the gain of the day good opportunity to take advantage of the stock.

      The Antibody Trials’ Plans

      As per the company’s announcement on Tuesday, GBS is starting preparation for clinical trials of its rapid SARS-CoV-2 Antibody test. The company successfully completed its clinical validation study at the Wyss Institute for Biologically Inspired Engineering at Harvard University. As per the study, the Antibody biosensor assay proved to be 100% sensitive and specific using positive and negative SARS-CoV-2 human plasma samples. Further, it took less than 10 minutes to obtain results.

      Based on the success of the clinical validation study, GBS plans to start clinical saliva SARS-CoV-2 Antibody trials. In addition, it will also submit Emergency Use Authorization request to the FDA.

      GBS Financial Highlights

      On November 11, GBS announced its first-quarter 2022 financial results. As per the first quarter of 2022, the preliminary net loss was $1.4 million against $1.0 million in the year-ago period. Consequently, the net loss per share was $0.10 in Q1 2022, against $0.12 per share in Q1 2021.

      Furthermore, GBS had cash and cash equivalents of $12.6 million as of September 30, 2021

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