The U.S. market posted a very bearish performance last week with major index posting declines of over 4%. The Dow, S&P 500 and NASDA all lost 4.6%, 5.1% and 5.6% respectively on the back of worrying U.S. inflation data, which showed an acceleration to a fresh 40-year high.
Major indexes posted their biggest weekly percentage declines since January and ended sharply lower last Friday. The U.S. Labor Department’s report showed the consumer price index (CPI) increased 1.0% last month after gaining 0.3% in April. Economists polled by Reuters had forecast the monthly CPI picking up 0.7%. Year-on-year, CPI surged 8.6%, its biggest gain since 1981 and following an 8.3% jump in May.
Although the market was down, we saw a stellar performance from Aeroclean Technologies, a NASDAQ quoted stock, that posted over 400%, starting the trading week at $2.48 to close $12.50.
What you should know
- AeroClean Technologies Inc. is an interior space air purification technology company. The Company develops technology-driven medical-grade air purification solutions for hospitals and other healthcare settings.
- It incorporates its ultraviolet-C light-emitting diode (UV-C LED) technology in equipment and devices to protect the occupants of interior spaces. These spaces include hospital and non-hospital healthcare facilities, such as outpatient chemotherapy and other infusion facilities and senior living centres and nursing homes, schools and universities, commercial properties and other indoor spaces.
- It offers Purgo, which is its continuous air sanitization product for indoor spaces. The Company offers air sanitization products, namely Purgo (pure-go) and Purgo Lift. Purgo products feature SteriDuct, which is an ultraviolet (UV)-C technology developed by aerospace engineers, medical scientists and innovators.
- The company was founded by Amin J. Khoury, David Helfet, and Mark Krosney on September 2, 2011, and is headquartered in Palm Beach, Florida, United States.
- The rally in its share price was as a result of news that the Food and Drug Administration (FDA) had granted market clearance for its proprietary Purgo air purification technology. The company was granted 510(k) clearance, classifying it as a Class II Medical Device.
- The company said it had received FDA clearance for its Purgo medical-grade air sanitization technology, which it says can eliminate 99.99% of airborne microbes, including the virus that causes COVID-19. The company plans to market the product to healthcare facilities, government agencies and businesses.
- AeroClean also announced that it had hired Jimmy Thompson, a long-time executive of healthcare IT giant Cerner, to serve as its new vice president of strategic sales. Cerner was recently acquired by Oracle.
The company raised $25 million through an initial public offering on November 24 that saw its shares soar 700%. Although the stock plunged on November 30, it has been trading mostly lower before Monday. The firm has a market capitalization of 173.47 million. It still trades significantly below its 52-week high of $117.35.
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