Genetic Technologies (GENE) Stock Is Climbing On COVID-19 Testing Update

Genetic Technologies GENE Stock News

Genetic Technologies Limited (NASDAQ: GENE) is making a run for the top in the market this morning, trading on gains of more than 35%. The gains come after the company announced that it has developed a detailed implementation plan to temporarily transition a lab to a coronavirus testing lab. Here’s what’s going on:

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

GENE Stock Is Up On COVID-19 Testing News

In an early morning press release, Genetic Technologies said that it has developed a plan to transition its genetic testing laboratory to a high-throughput COVID-19 testing laboratory. The transition will be temporary through the coronavirus pandemic.

The company seems to be preparing for government agencies to need futher laboratories to assist with demand and is acting in advance to meet this demand. Work has already started on this process.

GENE said that it has already begun to identify laboratory workflows, instrument modification, laboratory compliance for biologics and contaminated materials handling. Moreover, the company has already secured a supply chain of test reagents.

In the release, the ocmpany reminded investors that it has a fully NATA and CLIA accredited laboratory. This places it in a unique position to service both the United States and Australia once regulatory approvals take place.

Using equipment that is already owned and operated by the company, it said that it can currently conduct about 360,000 tests per annum and there is potential to double this number.

In a statement, Dr. George Muchnicki, interim CEO at GENE, had the following to offer:

We are prepared to transition our laboratory for the purpose of fighting the COVID-19 Pandemic subject to Government and Community needs.

Why This News Is Exciting

The coronavirus is no laughing matter. While medical professionals believe that we are at or beyond the apex of the pandemic, it will likely take more than a year for the world to completely recover socially and economically.

Testing, like the tests that Genetic Technologies plans to perform, will be needed at a very high capacity throughout this entire process. In fact, for economies to reopen safety, testing capacity is going to have to substantially increase.

Considering this, the company is making the right moves at the right time. Knowing that strong demand for coronavirus tests is likely to continue for a year or longer, the temporary shif of its facility to perform these tests has the potential to greatly increase revenue. As such, GENE stock is one that you should be watching closely.

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

Don’t Miss The Next Big Story

Join our free mailing list below to receive real-time news alerts!

Subscribe Today!

* indicates required

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.