(TBIO) Transgenomic Stock Spikes After Announcing Launch of Six New Cancer Tests
By
Tony Owusu
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| 06/22/15 - 10:56 AM EDT
NEW YORK (TheStreet) -- Transgenomic (TBIO - Get Report) shares are up 14.21% to $2.09 on heavy volume in market trading on Monday after the global biotechnology company announced plans to launch up to six new lab-based cancer tests this year.
The tests will target actionable mutations in melanoma, lung cancer and colorectal cancer.
"We are ahead of schedule in commercializing our pipeline of laboratory-based cancer tests to meet the growing demand for targeted and personalized cancer treatments," said CEO Paul Kinnon.
The company said that it plans to release two or three new single and panel tests per quarter for the remainder of this year, while giving preference to the two most prevalent cancers, colorectal and lung.
TheStreet Ratings team rates TRANSGENOMIC INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSGENOMIC INC (TBIO) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and generally disappointing historical performance in the stock itself."
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