Why the Universal Biosensors (ASX:UBI) share price is shooting 36% higher today

The Universal Biosensors, Inc. (ASX: UBI) share price is rocketing today, up 36%. The positive price movement after two company announcements: an agreement for cancer detection technology and an exclusive supply agreement.

At the time of writing, shares in the medical diagnostics company are trading at 65 cents each, after shooting up to a 52-week high of 85 cents near the open. By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is 0.28% lower.

Let’s take a closer look at today’s announcements and how they might affect the Universal Biosensors share price.

Cancer detection technology

In its first statement to the…