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INBS Stock: Is It Among The Best Biotech Stocks?

Best biotech stocks

As far as biotech stocks go, many people focus on medical treatment-oriented stocks and lose focus on other biotech stocks, such as those that focus on developing medical equipment. The assumption is that the best biotech stocks focus on patient treatment, but that isn’t always true. One such stock is Intelligent Bio Solutions Inc. (Nasdaq: INBS), which focuses on developing drug screening systems. Its biosensor platform is being updated to identify 150 indicators, including glucose level, immuno-degenerative diseases, and much more. INBS Stock is promising due to its advanced products and expansion in Oceania and Europe. Additionally, INBS recorded an astounding income increase rate of 199% YoY.

INBS Stock News

Currently, INBS is constantly developing its technology, which is on par with tech developed by the best biotech stocks out there. Its tech is revolutionary in the world of diagnostics. It minimizes diagnostic time while still maintaining efficacy. According to its milestone seven results, its Biosensor platform increased its speed fourfold, reaching a diagnosis in about 30 seconds. Furthermore, INBS technology does not rely on blood tests but on sweat and saliva, minimizing pain. Thanks to this technology, there may come a time when an INBS device can test for 130 indicators in under 30 seconds.

INBS is expanding its reach in Europe and taking steps to do the same in the US and Oceania.  INBS started to set its sights on mainland Europe after it acquired a UK patent. As of this writing, INBS is working out marketing strategies and searching for supply channels to support its European expansion. On the other hand, in the United States, INBS recently submitted a 513(g) form to the FDA, which will allow them to determine a suitable FDA regulatory pathway. 

Another essential part of INBS is its planned expansion into the land down under. In April 2023, INBS announced its hiring of 4 highly experienced sales executives as part of its expansion into Australia. Additionally, it is set to launch its fingerprint drug screening system in Australia and New Zealand in the upcoming fiscal year. Furthermore, it has already acquired a facility, sales team, and distribution hub in Australia that it plans to use for expansion into the Asia Pacific area. INBS’s extensive expansion plan is why it may end up as one of the best biotech stocks.   

Despite its potential, INBS has a lot of shorts on it. Its cost to borrow is 315%, and its utilization is 85%. A short squeeze may occur due to its 1.5 million low floats and bullish sentiment.

INBS Stock Financials

According to its latest earnings report INBS’s assets decreased from $12.3 million in June, 2022 to $10.6 million in March 2023. Its liabilities also decreased from $5.8 million to $4.7 million. That being said INBS experienced a 199% YoY increase in income, which is a positive sign despite its $6.35 million dollar net loss. This growth in revenue is evident of rapid growth which is required for it to become one of the best biotech stocks out there.

Media Sentiment 

@TopStockAlerts1 has his eyes on INBS stock.

@IncredibleTrade is thrilled about INBS’s financials.

Technical Analysis 

Best biotech stocks INBS stock chart

INBS is in a neutral trend with the stock trading in a sideways channel. Looking at the indicators, INBS is trading below its 200, 50, and 21 MAs and is approaching its $2.49 support in pre-market. The RSI is neutral at 55, while the MACD is approaching a bullish crossover.

Fundamentally, INBS stock has been gaining momentum following its extremely positive Q1 earnings report. Meanwhile, INBS has a number of upcoming catalysts most notably its planned expansion in Australia and New Zealand, as well as its anticipated FDA filing which may cause the stock to run once these actions materialize.

Best biotech stocks INBS stock chart

With the stock dropping in pre-market and considering its short squeeze potential, a possible play could be to go long on retests of the $2.49 support and TP on retests of the 50 MA and the $3.35 resistance. A stop loss chould be set at $2.4 which would indicate that the stock brake its support.

INBS Stock Forcast

Does INBS have the potential to be one of the best biotech stocks out there? The answer is yes, but not anytime soon. Its expansion is key here. In order for it to become one of the best biotech stocks, INBS would have to succeed in its current expansive endeavors. The to a spot among the best biotech stocks is a long one but given its tech it might make it.

If you have questions about INBS stock and where it could be heading next feel free to reach out to us in our free alerts room!


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