Why the Allegra (ASX:AMT) share price rocketed up 137% today

The Allegra Orthopaedics Ltd (ASX: AMT) share price shot up 137.5% today on positive test results. The company advised that testing of its revised spinal cage device showed significant improvement in strength, compared to its previous design.

The Allegra share price jumped as high as 61 cents at the news today, before retreating to close at the current price of 44 cents.

About the test results

The spinal cage device is Allegra’s flagship innovation project, a unique biodegradable cervical fusion device to be used as a human bone substitute.

The medical device company has engaged an accredited testing facility in the United States to confirm the effectiveness of a revised design to the device. Today’s results showed a…