PropThink: Genetic Technologies' Wednesday Gains Unsustainable, Declining Without Momentum
(Thomson Reuters ONE) -
The Australian diagnostics company Genetic Technologies (NASDAQ:GENE)(ASX:GTG)
is giving up gains from Wednesday, down 6% on the day to $3.48. The middle of
the week saw immense momentum on the stock from traders, driving share price
from $3.18 to $4.20 before beginning a descent that lasted through Thursday and
into this morning. Gains on Wednesday were triggered when the Australian banking
firm Lodge Partners initiated coverage of Genetic Technologies with a 'Buy'
rating, followed by news of a patent infringement suit from GENE against the
Reproductive Genetics Institute. GENE markets BREVAgen, a diagnostic tool for
determining genetic predisposition to breast cancer in women and is the
exclusive marketer of Rosetta Genomics' (NASDAQ:ROSG) miRview set of assays in
Australia, New Zealand, and Singapore. Genetic Technologies had losses of $1.15
per share in fiscal 2012 - ended June 30 - but expects to improve revenue
through sales of BREVAgen, saying that market penetration so far is in-line with
similar products; the assay is now available in 48 states. GENE is beginning to
even out as trader involvement dissipates and is trading on the low end of its
52-week range. Investor chatter points to Roche's (OTC:RHHBY) Investor Day on
the 5th as a catalyst for companies in the field of personalized medicine, like
Genetic Technologies, however, this kind of trade is very speculative. PropThink
identified another company that will benefit from Roche's conference next week,
however, and that report on Halozyme Therapeutics (NASDAQ:HALO) is
available here.
Or, click here to see this article at PropThink.com.
About PropThink
PropThink is an intelligence service that delivers long and short trading ideas
to investors in the healthcare and life sciences sectors. Our focus is on
identifying and analyzing technically-complicated companies and equities that
are grossly over or under-valued. We offer daily market coverage, weekly feature
stories, and a newsletter to investors who subscribe on PropThink.com. To learn
more visit us at http://www.propthink.com.
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Source: PropThink via Thomson Reuters ONE
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Datum: 31.08.2012 - 18:32 Uhr
Sprache: Deutsch
News-ID 179556
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