Genetic Technologies Limited (ADR) (NASDAQ:GENE) has seen a bit of a roller coaster ride as of late, but apparently something is fueling shareholders to jump on board this morning in early trading. Just two days ago the company released a report outlining the results from a scientific validation study that evaluated their BREVAGenplus testing, specifically on African-American and Hispanic Woman.
“African-American and Hispanic women represent a very large and underserved population in the context of healthcare in the U.S. and I’m extremely pleased that we are able to offer the BREVAGenplus test to as many of these women as possible,” said Mr. Eutillio Buccilli, Chief Executive Officer of Genetic Technologies Limited. “Furthermore, today’s announcement is indicative of our commitment to reinvigorate the pathway to peer reviewed publications as we continue execute on the initiative announced earlier in the year to improve upon the already existing scientific evidence base for BREVAGenplus.”
Apparently this could be one of the causes of today’s stock surge for the company.
The stock is up 29.05% or $0.86 after the positive news, hitting $3.82 per share. About 4.91 million shares traded hands or 280.62% up from the average. GENE has declined 38.72% since April 23, 2015 and is downtrending. It has underperformed by 37.59% the S&P500.
Genetic Technologies Limited is a molecular diagnostics company. The company has a market cap of $42.99 million. The Firm offers predictive testing and assessment tools to help physicians manage women’s health. It currently has negative earnings. The Company’s lead product, BREVAGenplus, is a clinically validated risk assessment test for non-hereditary breast cancer.