CombiMatrix (CBMX) Stock: Gaining Big On Conditional Approval

CombiMatrix Corp (NASDAQ: CBMX)

CombiMatrix is having an incredible day in the market today, and for good reason. Early this morning, the company announced that it has received a key conditional approval. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to CBMX ahead.

What We’re Seeing From CBMX

As mentioned above, CombiMatrix is having an incredibly strong day in the market. As soon as the opening bell rang, the stock found itself well into the green and has continued to mount the gains since. At the moment (12:11), CBMX is trading at $3.88 per share after a gain of $1.18 per share or 43.52% thus far today.

Why The Stock Is Climbing

As always, as soon as we noticed the gains on CBMX, the CNA Finance team started to search to see what was causing the movement. It didn’t take long to dig up the story. As mentioned above, the stock is climbing as the result of a key condition approval.

In a press release early this morning, CombiMatrix announced that its pre-implantation genetic screening by next generation sequencing test has received condition approval from the New York State Department of Health. In a statement, Mark McDonough, President and CEO at CBMX had the following to offer…

We launched CombiPGS using NGS technology in June of this year as NGS allows for unequaled accuracy and sensitivity in the detection of whole chromosome and segmental aneuploidies, which is crucial in providing the highest quality results for this test…. CombiPGS by NGS is an important upgrade to our portfolio of reproductive health tests and we are pleased by the strong reception it has received from reproductive endocrinologists and IVF physicians who are key call points for this test.”

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on CBMX and their commercialization plans following the conditional approval. Of course, there are further reviews that will take place and we will keep an eye on these. Nonetheless, as the news breaks, we’ll bring it to you!

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[Image Courtesy of Pixabay]

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