Why Is Genetic Technologies (GENE) Stock Up 173% Today?

Advertisement

  • Genetic Technologies (GENE) stock is rising alongside a new collaboration.
  • This has it teaming up with Qiagen (QGEN) in Australia.
  • That opens its cancer tests up to new consumers.
GENE Stock - Why Is Genetic Technologies (GENE) Stock Up 173% Today?

Source: Natali_ Mis/ShutterStock.com

Genetic Technologies (NASDAQ:GENE) stock is taking off on Friday as the company prepares for new cancer testing markets.

The big news here is Genetic Technologies signing an agreement with Qiagen (NYSE:QGEN), a global leader in molecular testing. This will see the two companies open a Centre of Excellence in Australia that will serve that country and New Zealand.

As part of this collaboration, Genetic Technologies will also gain access to new test opportunities. This will open it up to offering its geneType Breast, Ovarian and Colorectal cancer tests in the market.

Genetic Technologies points out that this will be a big deal as it will make the company’s offerings the most comprehensive in the area. It expects to launch the cancer teats in the region later this year.

Simon Morriss, CEO of Genetic Technologies, said the following about the news:

“We are extremely excited to be forming this alliance with the regional subsidiary of such a prestigious global partner. After a period of extensive trialing throughout 2022 we are now onboarding this capability within our labs, and will see significant benefits with automation.”

What This Means For GENE Stock

The idea of Genetic Technologies expanding its business to new areas is a win for investors. It creates an opportunity for the company to generate more sales from an expanded selection of customers.

With today’s news comes heavy trading of GENE stock as investors buy shares. This has some 12 million units on the move as of this writing. For the record, that’s a major increase over its daily average trading volume of about 107,000 shares.

GENE stock is up 173% as of Friday morning.

Investors looking for all of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market coverage traders need to know about on Friday! Among that is what’s moving Reshape Lifesciences (NASDAQ:RSLS), this morning’s biggest pre-market stock movers, and more. You can catch up on all that at the links below!

More Friday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2023/02/why-is-genetic-technologies-gene-stock-up-173-today/.

©2024 InvestorPlace Media, LLC