Advanced Analysis Free Trading Signals Real Time Alerts

Here’s Why Bluejay Diagnostics (BJDX) Stock Price Soared 33.5% Premarket

Trade Bluejay Diagnostics Stock Your capital is at risk
Updated: 7 Dec 2021

Bluejay Diagnostics Inc (NASDAQ: BJDX) stock price rallied 33.5% during premarket trading despite not making any announcements today as investor sentiment towards the company shifted significantly.

The company’s shares have been in free fall since its November IPO falling from a high of $6.21 to its current lows above $2.

The IPO raised $21.6 million after selling 2.16 million units priced at a combined $10 per unit. Each unit included warrants to buy Bluejay shares at $10 in future.

new-recommended-broker-banner

However, the markets disagreed with the company’s IPO valuation since its shares opened for trading at $5.67, a 46% discount to the IPO pricing on November 10, 2021.

It appears that investors have had a change of heart about the medical diagnostics company this week since the company closed yesterday’s trading session up 10.3% and was up 21% at writing.

It is unclear whether there is a fundamental reason behind the recent rally other than buyers stepping in at the $2.36 level to push prices higher.

Bluejay Diagnostics sells non-invasive, point-of-care tests and devices, with its primary product being Allereye, a point of care test for allergic conjunctivitis.

One of the reasons for the selloff in Bluejay shares could be that it is a pre-revenue company, although some of its products are in the late stages of commercialisation.

The company intends to develop innovative and minimally invasive products that provide laboratory-quality results in “near-patient-care” situations.

Its main selling point is that its tets are affordable and can facilitate life-saving decisions for treatments by generating results within less than 25 minutes. The recent shift in investor sentiment is a welcome relief for shareholders, and many are hoping that the trend continues.

*This is not investment advice. Always do your due diligence before making investment decisions.

Bluejay Diagnostics stock price.

Tradingview chart of Bluejay diagnostics stock price 07-12-2021
Source: Tradingview

Bluejay Diagnostics stock price rallied 33.46% premarket to $3.43, rising from Monday’s closing price of $2.57.

Should You Invest in Bluejay Diagnostics Shares?

One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 68 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .