Shares of Genetic Technologies (NASDAQ:GENE) stock are taking off on Thursday morning following positive news from its research initiatives.
That said, let’s take a look at a few takeaways from the update from the Australia-based genetic technology company.
- The firm provided an closer look at its COVID-19 Polygenic Risk Score Test (COVID-19 PRS Test) and Germline Testing division.
- This includes the total number of novel coronavirus positive patient data now being more than 5,500.
- This comes after the addition of 4,000 patients’ data.
- Genetic Technologies also said that its predictive capabilities improved 100% over age and sex alone.
- This analysis also confirmed to the company that its test is well-calibrated, and it expects more data to further the “accuracy and consistency of the algorithm.”
- Genetic Technologies expects “submission for regulatory clearance via Centers for Medicare and Medicaid Services/Clinical Laboratory Improvement Amendments (CMS/CLIA) by the end of Q1 CY21 following final validation process of expanded dataset.”
- Also, as mentioned above, the firm established the Germline Testing division for hereditary cancer risk.
- Initially, this area of the company will focus on “BRCA testing to align with the GeneType for Breast Cancer” as well as “Lynch Syndrome testing to be offered in conjunction with GeneType for Colorectal Cancer.”
- Genetic Technologies also expects to release its next quarterly update on Jan. 28.
- As a summary, Genetic Technologies focuses on creating predictive testing and assessment tools so physicians can help treat patients better.
GENE stock was up 65% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.