Why Renalytix Stock Is Surging Today
Portfolio Pulse from Vandana Singh
Renalytix plc (NASDAQ:RNLX) shares are surging after the FDA granted De Novo marketing authorization for its KidneyIntelX.dkd prognostic test. The test, which uses an AI-enabled algorithm, assesses the risk of progressive kidney function decline in adults with diabetes and early-stage kidney disease. The company reported cash and cash equivalents of $33.0 million as of March 31, 2023, and recognized $0.7 million of revenue in Q3 FY22.
June 30, 2023 | 12:31 pm
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Renalytix's stock is surging after the FDA granted De Novo marketing authorization for its KidneyIntelX.dkd prognostic test. This approval could potentially increase the company's revenue and market share.
The FDA's approval of Renalytix's KidneyIntelX.dkd prognostic test is a significant milestone for the company. This could potentially increase the company's revenue and market share, as the test provides a new, AI-enabled method for assessing the risk of progressive kidney function decline. The news has already had a positive impact on the company's stock price, which is surging.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100