Why Is BioNexus Gene Lab (BGLC) Stock Down 27% Today?


  • BioNexus Gene Lab (BGLC) stock is down on Friday after a burst rally on Thursday.
  • That came alongside news of the company investing in AI.
  • This brought with it heavy trading of the stock late yesterday.
BGLC Stock - Why Is BioNexus Gene Lab (BGLC) Stock Down 27% Today?

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BioNexus Gene Lab (NASDAQ:BGLC) stock is falling on Friday, but investors will note that this comes after its shares underwent a rally late on Thursday.

BioNexus Gene Lab shares closed Thursday up 28.8%, with about 3.1 million units traded. This was more than its daily average trading volume of about 1.6 million shares.

The catalyst for this rally was BioNexus Gene Lab announcing its agreement to invest $250,000 in Ascension Innovation. This is a privately held Malaysian company focused on advancing digital health information with artificial intelligence (AI).

Sam Tan, CEO, BioNexus Gene Lab, said this about the news:

“Our investment in AISB reflects our belief in their transformative healthcare solutions. Together, we aim to revolutionize patient care through predictive and generative AI.”

AI has been a hot topic lately, with news of it often raising a company’s shares. Yesterday’s gains were likely the result of traders flocking to BGLC stock due to the AI connection with this investment.

BGLC Stock Movement on Friday

Unfortunately, it doesn’t look like BGLC is able to maintain the positive movement it saw yesterday. This has the stock down 26.8% during pre-market hours on Friday. However, this doesn’t come with heavy trading as only around 66,000 units have changed hands this morning.

Investors will see even more of the latest stock market stories below!

We have all of the hottest market news traders need to know about on Friday! That includes everything happening with shares of Tritium DCFC (NASDAQ:DCFC) stock, Zhongchao (NASDAQ:ZCMD) stock and Redwoods Acquisition (NASDAQ:RWOD) stock today. You can catch up on all of these matters at the following links!

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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.

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