The Genetic Technologies Limited (NASDAQ: GENE) stock price soared 196% on renewed investor interest after unveiling plans to launch a comprehensive risk assessment test to evaluate breast and ovarian cancer risk in women.
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GENE shares soared 133% higher during yesterday’s aftermarket trading, with the trend continuing during today’s pre-market trading session. Investors bought the company’s shares on the news two days after Genetic Technologies formed a strategic alliance with Qiagen NV (NYSE: QGEN).
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Genetic Technologies formed a strategic alliance with Qiagen to establish and develop a Centre of Excellence facility in Australia. Qiagen will help Genetic Technologies improve its GTG capabilities through hardware, software, technical and consumable solutions.
At the time, investors cheered the strategic alliance as it would create more commercial opportunities for Genetic Technologies by bringing greater automation capabilities and increasing the company’s capacity to handle more clients leading to long-term revenue growth.
The partnership would also make Genetic Technologies geneType breast, ovarian and colorectal cancer tests the “most comprehensive offering” currently available. The alliance would also allow the genType tests to gain reimbursement coverage, making them accessible to more clients.
The reimbursement feature will be crucial to increasing the adoption of the tests across General Practice clinics, reducing the amounts patients pay for the tests. The move will unlock a larger addressable market within Australia.
QIAGEN will also bring its GTG capabilities via its proprietary QCII software to complete next-generation sequencing validation in-house. The partnership will see the two firms’ rollout of QIAGEN’s QIAseq targeted DNA Pro Sample to Insight solutions for NGS Oncology and customized in-house data analysis tools.
Genetic Technologies will also have the laboratory capacity to perform in-hiuse tests at scale.
Simon Morriss, Genetic Technologies CEO, said: “We are extremely excited to be forming this alliance with the regional subsidiary of such a prestigious global partner. After extensive trialing throughout 2022, we are now onboarding this capability within our labs and will see significant benefits with automation. We also see this relationship unlocking the reimbursable market within Australia as our local GP clinics progressively adopt our tests.”
*This is not investment advice.
The Genetic Technologies (GENE) stock price chart.
The Genetic Technologies (GENE) stock price soared 196% to trade at $3.00, from Thursday’s closing price of $1.01.
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