Intelligent Bio Solutions  INBS - NASDAQ

'Short Alert' "Significant Short Detected by Stock Scanners, Commencement of Short Covering

Observed as of Thursday, February 22, 2024, at 2:35 pm EST, Marking the Onset of Upside Reversal. Intraday Peak for February 2024 Recorded at $11.70."


News Alert Today Intelligent Bio Solutions Partners with Cliantha Research to Conduct Clinical Study – NASDAQ: INBS

Intelligent Bio Solutions Inc. (NASDAQ: INBS) experienced a notable uptick, with its stock climbing to nearly $7 per share, peaking at $11.70 during intraday trading. However, this surge was followed by a downturn prompted by increased short selling activity. On Tuesday, February 27, 2024, INBS saw a 16.23% increase in its closing price to $4.87 due to short covering, albeit on lower-than-average trading volume. There's speculation circulating that investors may want to consider adding these stocks to their BUY LIST, anticipating a potential significant rebound if they surpass the $7.00 mark. According to The Naked Short Report, daily short sales data indicates a substantial short interest, with over 30 million shares sold short on February 9, 2024.

Intelligent Bio Solutions Inc is a life sciences company focused on developing non-invasive, real-time monitoring, and diagnostic tests for patients and healthcare providers. Its Biosensor Platform is dedicated to launching urgently needed diagnostic tests for chronic diseases. Additionally, the company is advancing portable drug abuse testing through sweat fingerprint analysis, providing a non-invasive, hygienic, and rapid method to screen for recent use of opioids, cocaine, methamphetamines, benzodiazepines, and marijuana. 

Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology firm specializing in offering rapid, intelligent, and non-invasive testing solutions. Recently, the company disclosed its anticipated unaudited revenues for the six-month period ending on December 31, 2023, projected at $1.56 million. This marks a significant year-on-year increase of 337%. Furthermore, Intelligent Bio Solutions Inc. announced an anticipated 114% year-over-year rise in unaudited revenues for the second fiscal quarter. These optimistic forecasts are attributed to the growing awareness surrounding the company’s flagship product, the Intelligent Fingerprinting Drug Screening System. 

Harry Simeonidis, president and CEO of Intelligent Bio Solutions, said the following in the earnings report, “Our product sales have grown significantly, up 30% for cartridges and 91% for readers in the six months ending December 31, 2023, compared to the same period last year. This increase in volume has boosted our revenue growth to over 110% year over year, and we are seeing a growing awareness of our drug screening solution as we enter new markets and expand our global footprint

Forward-Looking Statements:

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.'s ability to successfully develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions' public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.