Why SINTX Technologies Shares Are Soaring Today

SINTX Technologies, Inc. SINT shares are trading higher Wednesday after the company announced it has received a Phase I contract for $150,000 from the U.S. Missile Defense Agency.

What to Know: The company will enhance the performance of electrochemical machining (ECM) of critical components for aerospace.

The Phase I contract will call for SINTX to develop and demonstrate corrosion-resistant, dielectric, insulating multilayer coatings that will ultimately enable unprecedented tool life and exceptional ECM machining performance, said in the company's press release. 

Dr. Sonny Bal, President and CEO, SINTX Technologies states that, "We believe that this concept has strong merit, and that the MDA contract will allow SINTX to move the technology towards scale-up and commercialization."

SINTX Technologies Inc is a commercial biomaterial company engaged in using its silicon nitride technology platform to develop, manufacture, and sell a range of medical devices.

According to data from Benzinga Pro, the stock was trading approximately 56% higher at $11.72 per share at the time of publication. The stock has a 52-week high of $83.57 and a 52-week low of $6.46.