Interpace Diagnostics Group, Inc. (NASDAQ:IDXG)
Interpace Diagnostics Group, Inc. (NASDAQ:IDXG) shares are up over 15% at $2.82. Volumes are heavy – over 8.9 million shares have traded as of 1 PM EST. The listed average daily trading volume is 1.2 million. The increased activity appears to have its genesis in news reports that sell-side analysts have initiated coverage on IDXG shares at a “Buy”.
Interpace Diagnostics Group, Inc. (NASDAQ:IDXG) is a molecular diagnostics company. Interpace specializes in molecular mutational analysis that can better inform treatment options available to the patient. Currently their pipeline addresses thyroid, pancreatic, and other cancers. The approach of identifying mutations at the molecular level can help healthcare professionals diagnose abnormalities, and their progression, without the expense and potential negative side-effects of surgery.
On February 8, 2017, Interpace Diagnostics Group, Inc. (NASDAQ:IDXG) closed a public offering of 1.2 million common shares at a share price of $3.00. Additionally, 108,000 shares of common stock were issued to the underwrites of the offering. Gross proceeds were $3.9 million before deducting the expenses associate with the public offering.
Interpace Diagnostics Group, Inc. (NASDAQ:IDXG), on February, 21, 2017, entered into a collaborative research program with Viatar CTC Solutions – a cancer dialysis company. The goal of the collaboration is to determine through studies that are expected to last six months and determine the effectiveness of Viatar’s circulating cell collection technology in combination with Interpace’s existing, and commercialized, PancraGen assay which is currently used to help asses pancreatic cancer biopsies in patients that possess pancreatic cysts.
Also in the pipeline for Interpace Diagnostics Group, Inc. (NASDAQ:IDXG) is BarreGEN. BarreGEN is a molecular diagnostic test that will be used to help assess the risk of people affliected with Barrett’s Esophagus turning into esophageal cancer. Lastly, Interpace’s pipeline includes a test in late-stage development that evaluates pancreatobillary cancer risk by testing tissue taken from biliary stricture brushings.
|Last Price a/o 12:50 PM EST||$ 2.82|
|Market Cap (mlns)||$ 11.86|
|Shares Outstanding (mlns)||4.84|
|Share Float (mlns)||4.21|
|Short Interest Ratio||0.54|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading.