Astrotech Corp (NASDAQ: ASTC) is having an incredibly strong day in the market today after the company announced a successful demonstration with both, the Department of Homeland Security or DHS and the Transportation Security Administration (TSA). Today, we’ll talk about the demonstration, what we’re seeing from the stock as a result of the news, and what we’ll be watching for ahead.
ASTC Announces Successful Demonstration
As mentioned above, Astrotech Corporation is having an incredibly strong day in today’s trading session after the company announced that it has held a successful demonstration. The demonstration was with the Department of Homeland Security and the Transportation Security Administration. The demonstration surrounded the company’s TRACER 1000, a mass spectrometry-based explosive trace detector which was custom-developed for the TSA as an improvement over and replacement for the ion mobility spectrometry ETD systems currently deployed around the world. Here are the key points that were demonstrated by ASTC:
- The TRACER 1000 comes with an expanded list of explosives, narcotics and other compounds of interest.
- The target library used by the TRACER 1000 can be instantaneously updated or expanded in the field without requiring any hardware configuration changes.
- The false positive rate on the Tracer 1000 is virtually zero according to ASTC.
- The technology comes with a similar cost to current IMS ETDs on the market today.
In a statement, Thomas B. Pickens III, CEO of 1st Detect and Astrotech, had the following to offer:
“We believe the TRACER 1000 will address the TSA’s current and future ETD needs, and we are excited to begin testing with the Department of Homeland Security’s Transportation Security Laboratory in the coming weeks… The TRACER 1000 will significantly augment airport security by resolving the problems the TSA has with current IMS-based ETD systems. The demonstration of the TRACER 1000 at our annual meeting will showcase the results of years of investment, dedicated hard work, and numerous technological breakthroughs to enhance our nation’s security.”
How The Stock Reacted To The News
As investors, one of the first things that we learn is that when news is released with regard to a publicly traded company, we can expect to see movement in the value of the stock that represents the company. That’s exactly what we’re seeing out of Astrotech today. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:15), ASTC is trading at $4.65 per share after a gain of $1.91 per share or 69.58% thus far today.
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What We’ll Be Watching For ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ASTC. In particular, we’re interested in following the story surrounding the TRACER 1000 and continued testing with the Department of Homeland Security and TSA. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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