Nobody likes cancer. That makes biotech companies that fight cancer, like Prenetics (NASDAQ:PRE), a little extra special. PRE stock is spiking in Tuesday afternoon trading as cancer, in general, may be about to take it on the chin. An FDA approval put new life behind Prenetics, as ACT Genomics got clearance for a new solid-tumor genomic profiling test kit.
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The test goes under the brand name ACTOnco. It will ultimately give healthcare operators a better idea of what kind of tumor they’re dealing with as well as how to address it. The test offers insight on 440 individual genes connected with cancer and can help pin down the best kind of therapy, whether oncological or even immunotherapy-based.
Prenetics recently bought a majority stake in ACT Genomics, meaning that it’s in line to land a big chunk of the reward from such a discovery. Better yet, that reward will likely be about the best it can be. Prenetics now stands as the first, and only Asian company to land FDA clearance on a test like this. With Prenetics stock previously down as much as 76% from its peak, it needed a win to make some kind of comeback possible.
Going into today’s trading session, PRE stock seemed all but paralyzed at around $1.90 per share. Then, the stock blasts up on the ACTOnco news. It subsequently settles back down a bit but still ends up higher on the day.