SINTX Technologies (SINT) says it has been granted a new patent by the U.S. Patent and Trademark Office (USPTO) for its innovative silicon nitride technology. The company touted its new patent in a press release today, noting it expands the potential applications of silicon nitride to orthopedic, dental, and spinal implants.
SINTX shares are up nearly 60% following the news on Wednesday, Feb. 19. The stock is up roughly 27% in the year to date and down nearly 85% over the last year.
Analysts See Exceptional Upside Potential in SINTX Shares
While the massive surge in the SINTX share price on Wednesday is already a welcomed surprise for investors, they should note that it’s a drop in the bucket compared to where Wall Street believes this stock is going eventually.
Heading into Wednesday, analysts had a consensus “Moderate Buy” rating on SINTX. The mean target of $70 indicates potential upside of another 1,300% from current levels.
Their bullish view on the Nasdaq-listed firm underscores its breakthroughs in next-generation implant technology and its commitment to improving patient outcomes and surgical success rates.
Wall Street sees massive upside potential in SINTX also because it’s currently the only producer of FDA-approved implantable silicon nitride. Its innovations are aimed at “enhancing osseointegration and reducing bacterial colonization” for better implant longevity and patient safety, according to the company’s press release.
SINTX has now received 17 U.S. patents in total while another 84 of its applications worldwide are pending decisions.
Caution Is Warranted as SINTX Is a Penny Stock
The SINTX stock price rally is coupled with an exceptional increase in trading volume on Wednesday. At the time of writing, more than 64 million shares of the Utah-based firm have exchanged hands – compared to its average of just above 200,000 shares.
In related news, SINTX reported an 18% year-over-year increase in its revenue to $0.799 million for its third quarter in November. The company surpassed expectations for both top and bottom line in its fQ3.
However, investors are recommended to remain cautious as SINT is a penny stock and is, therefore vulnerable to manipulation and extreme volatility. SINTX shares recorded a new year-to-date high following the patent news on Wednesday. But penny stocks, including SINT, can crash just as quickly as they soar.
