Biocept Inc (NASDAQ: BIOC)
Biocept is having an overwhelmingly strong start to the trading session today. When the opening bell rang, the stock was relatively flat, where it stayed for a few minutes. However, it didn’t take long for the stock to start spiking. In fact, we’re 8 minutes into the session at the moment and the gains are already quite impressive. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to BIOC ahead.
What We’re Seeing From BIOC
As mentioned above, Biocept is having an incredibly strong trading session thus far in the market today. When the opening bell rang, there wasn’t much movement. However, shortly after the bell, the stock started to make a mad-dash for the top. Currently (9:38), BIOC is trading at $1.17 per share after a gain of $0.15 per share (14.71%) thus far today.
Why The Stock Is Climbing
As is usually the case, our partners at Trade Ideas were the first to inform us of the run on BIOC. As soon as they did, the CNA Finance team started digging to see what was causing the movement. In this particular case, it didn’t take long to uncover the story. It seems as though the gains on the stock are the result of a positive PR that was released just minutes ago.
In the PR, we learned that Biocept has entered into a provider agreement with Blue Cross Blue Shield. Of course, this is overwhelmingly positive news, as the agreement will likely lead to far more business for the company.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BIOC. In particular, we’ll be watching to see what the next steps are, now that the agreement is signed. We’re also interested in coming sales reports. Given the sheer size of Blue Cross Blue Shield, this could prove to be massive for BIOC. We’ll watch the news closely and bring it to you as it breaks!
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[Image Courtesy of Wikimedia]