Shares of Genetic Technologies (NASDAQ:GENE) stock are taking off on Thursday morning following positive news from its research initiatives.
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That said, let’s take a look at a few takeaways from the update from the Australia-based genetic technology company.
- The firm provided an closer look at its (COVID-19 PRS Test) and Germline Testing division.
- This includes the total number of novel coronavirus positive patient data now being more than 5,500.
- This comes after the addition of 4,000 patients’ data.
- Genetic Technologies also said that its predictive capabilities improved 100% over age and sex alone.
- This analysis also confirmed to the company that its test is well-calibrated, and it expects more data to further the “accuracy and consistency of the algorithm.”
- Genetic Technologies expects “submission for regulatory clearance via Centers for Medicare and Medicaid Services/Clinical Laboratory Improvement Amendments (CMS/CLIA) by the end of Q1 CY21 following final validation process of expanded dataset.”
- Also, as mentioned above, the firm established the Germline Testing division for hereditary cancer risk.
- Initially, this area of the company will focus on “ to align with the GeneType for Breast Cancer” as well as “Lynch Syndrome testing to be offered in conjunction with GeneType for Colorectal Cancer.”
- Genetic Technologies also expects to release its next quarterly update on Jan. 28.
- As a summary, Genetic Technologies focuses on creating predictive testing and assessment tools so physicians can help treat patients better.
GENE stock was up 65% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
