Genetic Technologies Limited (ADR) (NASDAQ: GENE)
Genetic Technologies has had an incredible time in the market thus far. After starting the day off well into the green, the stock has continued to climb. Now, the stock has more than doubled in value in just over an hour since open. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to GENE ahead.
What We’re Seeing From GENE
As mentioned above, Genetic Technologies has been having an incredible time in the market today. As soon as the opening bell rang, the stock found itself well into the green. Throughout the day, the stock has only climbed higher, more than doubling in value in just over an hour after the opening bell. At the moment (10:45), GENE is trading at $2.74 per share after a gain of $1.44 per share or 111.09% thus far today.
Why The Stock Is Climbing
As always, as soon as we noticed that GENE was making a run upward, the CNA Finance team went to work to see what we could dig up as the cause of the gains. In this case, the story really jumped right at us by way of a press release.
According to the press release that was offered early this morning, a worldwide license agreement is to blame for the gains. Genetic Technologies has entered into a worldwide license agreement with The University of Melbourne for the development and commercialization of a novel colorectal cancer risk assessment test. To read the entire press release, click here.
What We’ll be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on GENE and the progression of their collaboration agreement with the University of Melbourne. Of course, as the news breaks, we’ll bring it straight to you!
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[Image Courtesy of Public Domain Pictures]