16 Jul

Genetic Technologies Stock Up on Genetic Test Update

WRITTEN BY Sarah Collins

Genetic Technologies announced expansion and is on track impending launch of genetic tests

Today, Genetic Technologies (GENE) was trading over 70% higher than yesterday’s closing price of $1.09. The stock jumped ~72.5% in premarket trading. The stock price and volumes rose on the news of the company’s on-track breast cancer and colorectal cancer risk assessment tests, slated for release in October. The company also announced the expansion of its genetic risk assessment tests, which are to include melanoma, prostate cancer, cardiovascular disease, and type 2 diabetes. These tests are expected to be available over the next 12 months.

Genetic Technologies Stock Up on Genetic Test Update

Management weighs in

As per Genetic Technologies chairman and CEO, Dr. Paul Kasian, “This is a very exciting time for GTG. We are now offering an opportunity for doctors to improve their ability to assess a patient’s breast cancer risk. Our new test, when combined with BRCA testing, will account for almost 100% of breast cancers. Currently BRCA testing alone only accounts for 5 to 10% of breast cancers.  Added to this our expanded range of tests will allow doctors to assess a patient’s risk to some of the most common causes of morbidity and mortality.”

Genetic Technologies’ key products

Genetic Technologies is a diversified molecular diagnostics firm. The company offers predictive technology and risk assessment tests for the better management of women’s health. It’s also working on adopting blockchain technology across its genomic testing platform. The company’s lead product is BREVAGenplus, a risk assessment test for non-hereditary breast cancer that launched in 2014.

Latest articles

In Q3, billionaire investor Leon Cooperman's top five holdings were Fiserv, Alphabet, United Continental, Chimera Investment, and Cigna.

In 2018, 3,503 metric tons of gold were produced globally, 1.8% higher than in 2017. Let's look at the world's top gold-producing countries.

TJX Companies (TJX) reported better-than-expected earnings results for the third quarter of fiscal 2020, which ended on November 2.

Despite Canada's legalization of cannabis a year ago, a StatCan survey found that 42% of Canadians have obtained their cannabis from illegal sources.

On November 11, the NHS (National Health Service) approved two cannabis-based medicines, Epidyolex and Sativex, for use in the United Kingdom.

Roku (ROKU) stock tanked more than 5% on Tuesday during market hours. The company said it will issue nearly 1 million common shares today.