Genetic Technologies Limited (NASDAQ: GENE) is having an incredibly strong start to the trading session this morning after the company announced the completion of genetic risk tests. Of course, the news excited investors who are pushing the stock for the top. Today, we’ll talk about:
- The genetic risk tests;
- what we’re seeing from GENE stock as a result; and
- what we’ll be watching for ahead.
GENE Gains On Genetic Risk Test Completion
As mentioned above, Genetic Technologies is having a great day in the market today after announcing the completion of genetic risk tests. The announcement came by way of press release early this morning.
In the release, GENE said that following substantial scientific research and genetic product development, two new risk assessment tests have now been completed and validated. In particular, the tests are branded GeneType for Colorectal Cancer and GeneType for Breast Cancer.
In a statement, Paul Kasian, CEO at GENE, had the following to offer:
These tests allow Government Health Leaders to directly target future screening to the most high-risk patients, thereby massively reducing health system costs and providing much better outcomes for patients. GTG’s proactive approach to disease management has the potential to save both lives and money by allowing the earlier detection of disease and focusing the use of limited healthcare resources to those most in need.
I am very proud of our world-class scientific team. Genetic testing is a growing industry world-wide and it is remarkable that the team has maintained thought and product development leadership in this competitive space. Armed with these new world class products, GTG is poised to play its part in making predictive genetic testing a mainstream healthcare activity – a routine part of any health check-up.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. When it comes to Genetic Technologies, the news proved to be overwhelmingly positive.
After all, the new genetic risk tests will likely drive a substantial revenue increase for the company. So, it’s not surprising to see that excited investors are pushing the stock for the top in the market this morning.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the movement. At the moment (9:03), GENE is trading at $1.14 per share after a gain of $0.44 per share or 61.93% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on GENE. In particular, we’re interested in following the story surrounding the company’s continued work to bring these genetic risk tests to market and expand revenue. Nonetheless, we’ll keep a close eye on the story and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!