Genetic Technologies Limited (ADR) (NASDAQ: GENE) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced news it received from the NASDAQ, which proved to be a source of excitement for investors. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for with regard to GENE ahead.
GENE Gains On NASDAQ Compliance
As mentioned above, Genetic Technologies is having an incredibly strong start to the trading session today after announcing news that it has received from the NASDAQ. In a press release issued early this morning, GENE announced that it has received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market.
The letter, received on January 8th, informed the company that the minimum closing bid price per share was $1.00 or above for a period of 10 consecutive trading sessions from December 20, 2017 to January 4, 2018. As a result of this, GENE has regained compliance with Nasdaq Marketplace Listing Rule 5550(a)(2). As a result of regaining compliance, the Nasdaq Listing Rules deficiency notice, dated July 19, 2017, has been remedied and the matter is now closed.
What We’re Seeing From The Stock As A Result
As investors, one of the first things that we learn when we start to dabble in the market is that the news causes moves. In this particular case, the news of Genetic Technologies regaining compliance proved to be overwhelmingly positive, leading to excitement among investors and sending the stock toward the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:05), GENE is trading at $1.42 per share after a gain of $0.18 per share (14.52%) thus far today.
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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 company’s ongoing development of its relatively strong pipeline of product candidates, as well as watching the stock price to ensure that the stock maintains NASDAQ compliance. Nonetheless, we’ll continue to follow the story and bring the news to you as it breaks!
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