Glucotrack Inc. (NASDAQ:GCTK) Stock Surges 47% in a Month: Here is Why

The medical device industry has grown at a significant pace over the past decade, and investors are always on the lookout for plays in the space. One stock that seems to have caught attention in recent times is that of Glucotrack Inc. (NASDAQ:GCTK).

On Wednesday, the stock corrected sharply after clocking recent gains and declined by 18%. However, it ought to be noted that despite the fall, it is still up by as much as 47% for the past month. Hence, it could be a good idea to take a closer look at it.

The company provides glucose monitoring technologies to people with pre-diabetes or diabetes. On November 23, Glucotrack came into the news cycle after the company announced that it had been notified through a letter by the NASDAQ that it had been provided with an additional 180-day period to regain compliance with the minimum bid price rules of the exchange.

The company had been previously notified on May 26, 2023, that its stock did not meet the minimum $1 bid price per share requirement on average over 30 consecutive business days. Initially, Glucotrack had been provided until November 22, or 180 calendar days, to regain compliance. Following the extension, the company would have until May 20, 2024, to regain compliance.

On November 13, the company provided a shareholder update through a letter that had been addressed by its President and Chief Executive Officer, Paul V. Goode. He noted that the market for glucose monitoring had been moving to continuous glucose monitoring (CGM) from non-continuous monitoring. As a consequence, Glucotrack also decided to shift its strategic focus to CGM technology in the company’s portfolio. He went on to add that the move would also help the company make a move into both the type 1 and type 2 diabetes markets.