Precipio Inc (NASDAQ: PRPO) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced news surrounding liquid biopsy testing and a product it is working on to reduce testing costs and time efficiency. Of course, the news was positive, leading to excitement among investors and sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from PRPO, and what we’ll be watching for ahead.
PRPO Announces Liquid Biopsy News
As mentioned above, Precipio, a specialty diagnostics company, is having a great start to the trading session this morning after announcing news associated with liquid biopsy testing. In a press release issued early this morning, the company announced that it has successfully incorporated the use of High Resolution Melt (HRM) technology into its ICE COLD-PCRTM (ICP) kits. In the release, the company said that this addition substantially improves the cost and time efficiency associated with its liquid biopsy testing.
In the release, PRPO said that customers using its ICP for liquid biopsy can now enjoy an additional reduction in their cost per specimen, potentially improving their margins by between 25% and 50%. The margin increase is dependent on the ratio of positive to negative cases. Perhaps more importantly, the wait time is drastically reduced. In the past, liquid biopsy test results would take anywhere from 7 to 10 days to receive. However, with the new addition to ICP, liquid biopsies can now produce results in a matter of hours. In a statement, Ilan Danieli, CEO at PRPR, had the following to offer:
The incorporation of HRM into our kits further sets ICP apart from all other competitors. While competitors focus on large, expensive panels, not easily reimbursed, our low-cost, efficient, reimbursable and targeted panels can now yield a same-day result (for negative cases)… Our customer pipeline continues to grow as more laboratories realize the clinical and economic value that ICP brings them.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In the case of Precipio, the news proved to be overwhelmingly positive. After all, the addition of HRM into ICP kits makes the company’s option a leader in the industry with regard to both cost and time efficiency, and will likely lead to strong gains in sales and revenue. So, it’s no surprise to see that the stock is making a run for the top in the market today. At the moment (10:03), PRPO is trading at $1.30 per share after a gain of $0.82 per share (172.71%) 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 company to see how the improvement to the ICP product leads to expanded revenues. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!
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