Why Impact Biomedical Inc. (IBO) Surged On Thursday?

We recently published a list of 10 Micro-, Small-Cap Firms Dominate Thursday’s Gains. In this article, we are going to take a look at where Impact Biomedical Inc. (NYSEAMERICAN:IBO) stands against other micro-, small-cap firms that dominate Thursday’s gains.

The stock market edged lower on Thursday, erasing gains from the previous trading day that was buoyed by the Federal Reserve’s decision to keep rates unchanged.

The tech-heavy Nasdaq decreased by 0.33 percent, the S&P 500 declined by 0.22 percent, and the Dow Jones dipped by 0.03 percent.

On Thursday, investors immediately booked profits following the lack of fresh catalysts to further boost buying appetite.

However, 10 companies under the micro- to small-cap sectors noticeably defied market pessimism, having surged by double to triple digits. In this article, we have identified Thursday’s 10 best performers and detailed the reasons behind their gains.

We classify micro-cap companies as those between $50 million and $300 million in market capitalization, while small-cap firms are those with $300 million and $2 billion in market capitalization.

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Impact Biomedical Inc. (NYSEAMERICAN:IBO)

Impact Biomedical soared by 292 percent on Thursday to end at $2.08 each following the appointment of Chan Heng Fai Ambrose as a director for the company.

With over 45 years in the financial and equity investment industry, Chan specializes in financial restructuring and focuses on investing in distressed companies that need corporate transformation.

His extensive background in restructuring firms and leadership roles in publicly listed firms is expected to enhance the strategic direction and governance of IBO.

Chan is the founder of Alset Inc., a Nasdaq-listed firm that specializes in land development, home building, sales and rental, and property management.

Overall, IBO ranks 1st on our list of micro-, small-cap firms that dominate Thursday’s gains. While we acknowledge the potential of IBO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as IBO but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.