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IQAI Shares Surged 26.4% Today, Here’s Why

Nigel Firth
Nigel Frith trader
Updated 9 Dec 2020

Practice Stock Trading
IQ-AI logo

Shares of IQ-AI Ltd (LON: IQAI) today surged 26.4% as buyers stepped in at a major support level and ended the downtrend that had been in place for the past two weeks.

The lack of major announcements from IQAI has led to sustained bearish pressure on its share price since the last week of November.

IQAI last announcement was on November 26th when the company revealed that its Imaging Biometrics subsidiary had successfully upgraded its IB Clinic software platform incorporating many of the features requested by its clients.

The biotech company, which provides clinically-validated, sophisticated and intuitive tumour analysis software for clinicians and researchers had also announced a partnership with the Mayo Clinic to develop a brain lesion tracking platform known as IB Trax.

The company’s other positive development in November was the sale of its software to Montgomery Cancer Center in the US, which entailed the installation of IB Neuro and IB Delta T1 mapping algorithms.

Today’s rally needs a strong fundamental trigger in order to extend into a long-term bull trend, still, it was great to see buyers step in despite the lack of any major news from the imaging company.

IQAI share price

Tradingview chart of IQAI share price 09122020

IQAI shares today surged 26.4% to trade at 10.90p having rallied from Tuesday’s closing price of 8.62p.

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Nigel Firth
Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.