Avalon GloboCare (NASDAQ:ALBT) shares are rising on Wednesday along with the news that a new medical device from Laboratory Services MSO.

Laboratory Services MSO is preparing to launch its GeeWhiz External Condom Catheter in the third quarter of 2024. This patented medical device has been approved by the Food and Drug Administration (FDA).

GeeWhiz external condom catheter is intended for male patients with incontinence. The market for this was valued at $6.37 billion in 2022 and is expected to register a compound annual growth rate of 5.87% from 2023 to 2030.

David Jin, President and CEO of Avalon GloboCare, commented on the news:

“The GeeWhiz external condom catheter represents a significant advancement in the treatment of male incontinence. This device is not only FDA registered and approved for Medicare reimbursement, but is also supported by several private insurance providers.”

What this means for ALBT shares

Any good news for Laboratory Services MSO is good news for Avalon GloboCare. That’s because the company owns a 40% stake in the company.

With today’s news comes a brisk trade in ALBT stock. At the time of writing, more than 173 million shares have changed hands, well above the average daily trading volume of about 2.9 million shares.

ALBT shares are up 173.4% since Wednesday morning.

More stock market stories are available for you below!

We have all the hottest stock market news investors need to know on Wednesday! This includes what’s going on with Kellanova (NYSE:K), Overtime payments (NASDAQ:SURGEON) And TC BioPharm (NASDAQ:TCBP) shares today. All of this news is available at the following links!

More stock market news from Wednesday

On penny stocks and low-volume stocks:With very few exceptions, InvestorPlace does not publish commentary on companies that have a market capitalization of less than $100 million or that trade fewer than 100,000 shares per day. That’s because these “penny stocks” are often a playground for fraudsters and market manipulators. If we ever publish a commentary on a low-volume stock that may be affected by our commentary, we require that InvestorPlace.com writers disclose that fact and warn readers of the risks.

Read more:Penny Stocks — How to profit without being cheated

At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.

At the time of publication, the editor in charge did not hold any positions (either directly or indirectly) in the securities mentioned in this article.