Things are finally looking up for Biotricity Inc (OTCMKTS:BTCY) after being in consolidation mode for the better part of the year. The stock is set to finish the year on a high, thanks to renewed investor interest amidst a spree of positive news in the recent past.
A better than expected third quarter appears to have strengthened investor confidence in the stock consequently fuelling the buying spree. Biotricity is currently trading at levels never seen before as it continues to hit higher highs.
The stock has gained more than 150% over the past two months as it continues to trade in a strong uptrend. It is currently trading in a daily range of between $5 and $6.43 with an average daily trading volume of 787,594.
Immediate resistance on the current uptrend is at the $6.43 handle, which happens to be stock’s 52-week high. On the downside, the stock faces immediate support at the $4.20 handle, below which it could drop to the $3 handle.
Biotricity is at a critical point heading into the year-end. The stock is destined for more gains given the solid fundamentals that continue to back, the steep uptrend.
Before we look at the catalysts that are likely to push the stock higher, let us look at exactly what Biotricity does.
Biotricity Business Overview
Based in Canada, Biotricity is a medical technology company. The company specializes in the business of developing and delivering biometric monitoring solutions such as diagnostic solutions used in chronic conditions and in lifestyle improvement.
Biotricity currently offers bioflux an Electrocardiogram, a monitoring system that physician use to diagnose cardiovascular diseases or coronary heart diseases. The company also provides biolife a device that helps monitor heart rhythm or ECG as well as respiration and calories in the body.
Biotricity is receiving lots of love in Wall Street after a productive third quarter. During the quarter, the company completed a private placement of common stock and warrants from which it generated significant funds. The funds should act as fuel in accelerating the bringing to market of new products.
The company also inched closer to achieving an FDA clearance for one of its device hardware, in addition to asserting itself as a leader in health IT and medical technology publication. The medical diagnostic and consumer technology company has already made a 510k submission for the device, demonstrating how safe and effective it is.
In addition to the submission, the company is developing Remote Patient Monitoring solutions as it continues to expand its product portfolio. The new solutions seek to take advantage of opportunities around chronic diseases treatment. Chronic diseases account for 86% of the nation’s healthcare costs.
With the RPM, solutions that the company is developing, healthcare providers will be able to detect vital changes in patients at an early stage thus adjust treatment plans in real time and be able to detect problems before they become serious.
“If healthcare providers implemented RPM technology that could record a patient’s basic metrics and symptoms in real-time over a longer period, they could start building a holistic overview of a patient’s chronic health condition,” said Waqaas Al-Siddiq, Biotricity Founder, and CEO. “They could also benefit from valuable insights such as the morphology and progression of a chronic disease, which are difficult to realize without proper data.”
The RPM solutions are also tipped to improve patient outcomes in addition to increasing patient adherence through engagement.
As the company continues to expand its product line portfolio, it is also tapping into the market in pursuit of top talent as it looks to leverage their experience. Biotricity has since appointed John Ayanoglou as the new Chief Financial Officer.
Ayanoglou joins the company with over 30 years of accounting finance and operations experience. He is tasked with the responsibility of establishing a formal financial process for the company, in a bid to accelerate the go-to-market strategy. He was previously the chief financial officer and corporate secretary of Xceed Mortgage Corporation.
“His diverse experience includes successfully building out and formalizing finance departments, raising capital, and structuring financing to facilitate production for inventory. We are excited to welcome someone of John’s caliber to our team, as we prepare to commercialize our Bioflux solution into the rapidly expanding diagnostic healthcare markets,” said Mr.Al-Siddiq.
Biotricity impressive run in the market is not expected to cool down anytime soon. While there might be minor pullbacks, the stock should continue powering higher. The fact that the company is on course to achieve FDA clearance for its device hardware, puts it in a prime position to assert its position in the industry.
Investor confidence in the stock should continue to rise as the medical technology company moves to unveil Remote Monitoring solutions to unlock opportunities for the diagnosis of chronic diseases. A solid cash balance means Biotricity is in a prime position to finance projects that have the potential to generate more shareholder going forward.
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Disclosure: We have no position in BTCY and have not been compensated for this article.
Image courtesy of Giacomo Vaiani via Flickr