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Genetic Technologies (NASDAQ:GENE) stock is taking off on Friday as the company prepares for new cancer testing markets.
The big news here is Genetic Technologies signing an agreement with Qiagen (NYSE:QGEN), a global leader in molecular testing. This will see the two companies open a Center of Excellence in Australia that will serve that country and New Zealand.
As part of this collaboration, Genetic Technologies will also gain access to new test opportunities. This will open it up to offering its geneType Breast, Ovarian and Colorectal cancer tests in the market.
Genetic Technologies points out that this will be a big deal as it will make the company’s offerings the most comprehensive in the area. It expects to launch the cancer teas in the region later this year.
Simon Morriss, CEO of Genetic Technologies, said the following about the news:
“We are extremely excited to be forming this alliance with the regional subsidiary of such a prestigious global partner. After a period of extensive trial throughout 2022 we are now onboarding this capability within our labs, and will see significant benefits with automation.”
What This Means For GENE Stock
The idea of Genetic Technologies expanding its business to new areas is a win for investors. It creates an opportunity for the company to generate more sales from an expanded selection of customers.
With today’s news comes heavy trading of GENE stock as investors buy shares. This has some 12 million units on the move as of this writing. For the record, that’s a major increase over its daily average trading volume of about 107,000 shares.
GENE stock is up 173% as of Friday morning.
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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.