Two Rayno Laggards Up On Good Volume: RGDX, SQNM
The only two losers among our portfolio picks in 2013 are up today. Response Genetics (RGDX $1.32) is up 2.56% on a volume of almost 500k shares with no apparent news. The Company raised $4.8M in December at $1.20 share so that could account for the recent weakness. Moreover the Company had lackluster sales of $4.1M in Q3 down from $5.3M in Q2. The stock is quite volatile with a high of $2.40 in 2013. The Company sells LDT genetic (pharmacogenomic) tests to predict tumor response to various cancers. The stock should respond to any improving sales trend.
Sequenom (SQNM $2.6) is up 6% on news that a European Patent (EPO) was issued for detecting fetal aneuploidy. There have been issues with the U.S. patent for its Materni T21 Plus test so the European patent is quite important for the Company. Q3 Revenues were $44M. The stock was in the $4.50 range last summer.
Exact Sciences (EXAS $13.76) is up 1.85% close to its 52 week high in anticipation of FDA approval of its molecular test, non-invasive test for colon cancer. An FDA advisory meeting is scheduled for March 26. The Company will present next week at the J.P.Morgan Healthcare Conference.
Disclosure: I am long RGDX, SQNM, .