Vermillion, Inc. (NASDAQ: VRML)
Vermillion is off to an incredibly strong start to today’s trading session. After news broke in the wee hours of the morning, the stock started screaming upward in the pre-market. Since the open, we have seen a bit of a correction with the stock falling from daily highs, but it seems as though strong gains are, for the most part, here to stay. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to VRML ahead.
What We’re Seeing From VRML
As mentioned above, Vermillion is having a great start to today’s trading session. Due to strong news that was released in pre-market hours, the stock spiked dramatically upward, starting the day on an overwhelmingly strong note. Since the open, we’ve seen a bit of downward movement, but the stock is far from erasing all gains. At the moment (10:07), VRML is trading at $2.64 per share after a gain of $0.29 per share or 12.34% thus far today.
Why The Stock Is Up
As always, it’s important to give credit to our partners at Trade Ideas for being the first to alert us of the gains on VRML. When the CNA Finance team received the notification, we started digging to see if we could dig up the reason for the gains. It didn’t take long to find the story. The gains are ultimately the result of excitement surrounding positive news that was released this morning.
Early this morning, Vermillion offered up a key piece of information. The company has reported OVA1 is now contracted in a in-network agreement with Blue Cross Blue Shield of Michigan. This is overwhelmingly positive news as this means that many more patients will have access to the treatment, ultimately helping to increase sales, revenue and earnings.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on VRML. In particular, we’re interested in the company’s ongoing work with regard to OVA1. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
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