Stock Moving Higher - Electro Optical Sciences (MELA)
Shares of Electro Optical Sciences (MELA) surged 7.25% in the morning to $3.7 per share with no news announcement. The medical instrument maker makes non-invasive detection device for skin cancer. The company's flagship product MelaFind is still under FDA review for pre-market approval so the company has not yet generate revenue. The company burns about $5 million in cash per quarter and has $30 million in cash at the moment.. The stock has not been doing well last year and lost more than half of its value in November as the company is still waiting for the final approval for its product. The technical chart does show positive signal as the stock is now trading above 50 day and 100 day moving average. Though KD line shows short term weakness as both KD lines are going downward.