Precipio Inc (NASDAQ: PRPO) is having a great day in the market today, and for good reason. The company announced that it has been approved as a domestic vendor by the Department of Defense. Of course, the news proved to be exciting, sending the stock on a run for the top. Today, we’ll talk about:
- The news;
- what we’re seeing from PRPO stock as a result; and
- what we’ll be watching for ahead.
PRPO Announces DoD News
As mentioned above, Precipio is having an incredibly strong start to the trading session this morning after announcing that it has been approved as a domestic vendor by the United States Department of Defense (DoD). The approval is tied to the Foundation for the Advancement of military medicine.
This is very important for PRPO as being a vendor will enable DoD funded medical centers to take advantage of the company’s ICE COLD-PCR military medicine. In the release, the company said that a hospital within the DoD evaluated several technologies, including the competing Droplet Digital PCR (ddPCR). The evaluation led to the decision that the ICE-COLD PCR enrichment technology for liquid biopsies was to be used at its facility.
The company said that one DoD hospital has already placed an order for the BRAF V600E assay and anticipates launching the clinical assay throughout its network. The hospital is also expected to expand its menu of liquid biopsy assays they offer within ICP in the coming quarters. In a statement, Stephen Miller, CCO at PRPO, had the following to offer:
We are extremely pleased with the results of the head to head comparison of our ICP BRAF exon 15 assay, and the equivalent assay using a ddPCR platform, demonstrating the value of ICP… We look forward to working closely with the Department of Defense to expand their liquid biopsy testing menu for the benefit of the health of our active military and the rest of the DoD employees.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Precipio, the news proved to be overwhelmingly positive. After all, the approval by the Department of Defense greatly expands the company’s target audience and will likely lead to an increase in revenue down the line. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:57), PRPO is trading at $0.16 per share after a gain of $0.0031 per share or 1.91% 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 PRPO. In particular, we’re interested in following the story surrounding the company’s sales within the United States DoD and excited to see the revenue that this generates. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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