Shares of Vuzix (NASDAQ:VUZI) climbed higher today after BioSig Technologies, a medical technology company, said that will use Vuzix's smart glasses for remote servicing of some of its devices.
The tech stock jumped by as much as 19.9% today, and was up by 11.9% as of 1:24 p.m. EST.
BioSig said in a press release that Vuzix's M400 smart glasses "should provide BioSig's partner physicians and clinicians with quick remote access to technical experts who can assist with servicing the unique hardware architecture."
BioSig also said that it's exploring the possibility of using Vuzix's smart glasses for remote customer training as well.
Vuzix CEO Paul Travers said in a statement, "We are happy to broaden our support of the healthcare industry by entering the medical device market, particularly the rapidly growing field of bioelectronic medicine."
Investors were pleased with the announcement and pushed Vuzix's shares higher. With today's share price bump, Vuzix's stock is up a staggering 401% over the past 12 months.
Investors have been quick to buy Vuzix's stock based on simple press releases, and today's share price jump appears to follow that pattern. Investors should be cautious about buying and selling any stock based on daily news, particularly when it's unclear how much of an impact it will have on a company's top and bottom lines.