bioAffinity Technologies (NASDAQ: BIAF) is trading sharply higher on Wednesday after the company received a patent grant in Hong Kong for its CyPath lung cancer diagnostic test.
What Happened
BIAF opened at $7.00 and surged to a session high of $8.32, gaining 56.98% for the regular trading day. The stock's prior close was $5.30.
The company announced Wednesday that it received a patent grant from Hong Kong for its CyPath lung noninvasive lung cancer diagnostic. The patent covers the company's flow cytometry-based method for detecting lung cancer from a simple sputum sample.
Trading volume topped 3.5 million shares during the session, well above the stock's average daily volume of roughly 1.1 million shares. The company has a float of approximately 4.4 million shares, making it a low-float microcap that can see amplified price moves on significant news.
Why the Patent Matters
International patent protection expands the commercial runway for CyPath Lung, bioAffinity's flagship non-invasive diagnostic. The test is designed to detect lung cancer early using flow cytometry to analyze cells collected from a patient's sputum sample.
bioAffinity has been building commercial momentum for CyPath Lung. The company recently announced a nationwide federal healthcare distribution agreement with AvMEDICAL, which could open access to government healthcare programs. The test is also being advanced for surveillance of lung cancer survivors, potentially expanding the addressable market.
What's Known and Unknown
The Hong Kong patent announcement on Wednesday coincides with the stock's move. However, the exact reaction and any additional context from the filing are not fully detailed in the available sources. The company filed an 8-K on September 11th, but the specific content of that filing is not visible in the provided data.
BIAF has a short interest of roughly 44,000 shares with about one day to cover, suggesting minimal short pressure. The stock previously traded around higher levels before declining significantly earlier in the year, according to recent coverage.
Bottom Line
BIAF jumped roughly 57% Wednesday following a Hong Kong patent grant for its CyPath lung cancer diagnostic. The company has been actively building commercial infrastructure for the test, including recent federal distribution agreements. The move comes on above-average volume in a low-float microcap stock, where patent news can trigger outsized reactions.
Investors should verify the full details of any recent SEC filings before making trading decisions.