Genetic Tech News: GENE Stock Drops 13% Despite Consumer Cancer Tests

Genetic Tech (NASDAQ:GENE) news for Wednesday includes the release of consumer cancer tests sending GENE stock down.

Genetic Tech News: GENE Stock Drops 13% Despite Consumer Cancer Tests

Source: Shutterstock

Genetic Tech notes that its consumer breast cancer tests are now available. The company notes that these tests have already been ordered by several medical practitioners with orders surpassing more than 100 units.

What’s also important about this are the findings from the early tests of the consumer cancer tests. The Genetic Tech news release notes that four patients have been identified at risk of developing breast cancer through its tests.

According to the company, this is important because these patients would not have been identified normally through hereditary mutation testing or during routine health checks. That’s a strong signal for the test performing well.

The launch of the new tests from Genetic Tech don’t stop at breast cancer. The company also put out a colorectal cancer test. Colorectal cancer is also more commonly known as bowel cancer, colon cancer, or rectal cancer.

The Genetic Tech news release also points out that potential utility studies for both of these tests are in the works. The company is currently in discussions with collaborators to help it complete these studies as early as it possibly can.

GENE stock started out soaring on Wednesday and reached a peak increase of 39.59%. However, the stock is currently down 12.5% as of Wednesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/04/genetic-tech-news-drops-stock/.

©2021 InvestorPlace Media, LLC