Shares of Nano-X Imaging (NNOX -4.20%), the Israeli X-ray machine maker with the novel business idea of giving its products away for free (and then taking a cut of the revenue when doctors use the machines to take X-rays), is back in investors' favor again. Over the past 10 days, shares of Nano-X have surged 79% -- including a big 7% jump today as of 2:20 p.m. EST.
Why is Nano-X doing so well today? To learn the answer, you first have to go back in time a couple of months to mid-September, when Citron Research published a report branding Nano-X as "Theranos 2.0" and a company that not only "has never published any data showing their machine's images compared to images from a standard CT scanner," but has actually never even showed investors that it has a machine at all.
These and similar accusations from the short-seller devastated Nano-X's stock over the summer, but on Thursday starting at 11:30 a.m. EST, Nano-X will attempt to refute all of the above by hosting "a live demonstration that will showcase the Nanox digital x-ray source tube and a range of 2D and 3D imaging applications performed by the Nanox.ARC at the 2020 Radiology Society of North America Virtual Annual Meeting."
Assuming the demonstration goes well, Nano-X will debunk the most damaging allegations raised by Citron. (Although I suspect questions about whether Nano-X, a company without profits or even revenue, is really worth its $3 billion market cap may remain.) It may then follow up the debunking with good news in an "investor webinar" scheduled to begin at 2:30 p.m. the same day -- an event that may excite investors even further, and drive Nano-X stock even higher.
Even higher than the 79% gains the stock has enjoyed over the past 10 days? Tune in Thursday and find out.