Why Nanox Stock Continued Jumping Higher Today

Shares of Nano-X Imaging (NASDAQ: NNOX), or simply called Nanox, continued jumping higher on Tuesday after the company announced that it's opened a new facility to aid in the production of its medical devices. The stock was already up roughly 20% following the release of financial results last week. And it kept adding to those gains today with shares up an additional 13%, as of 1 p.m. ET.

Nanox hopes to commercialize a digital-imaging device that can replace x-ray technology. The company's fundamentally different system requires novel parts, meaning Nanox has to build them itself. Today, it announced that it's opened a plant to make its Nanox.SOURCE chips, which are essential components for the machines that it hopes to commercialize.

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