Genetic Technologies Limited (NASDAQ: GENE) Gains After Announcing Plans To Use Labs For COVID-19 Testing

Genetic Technologies Limited (NASDAQ: GENE) was a top performer in Friday’s session and closed the day with gains of 41.37%. This followed the company’s announcement that it had come up with a comprehensive plan for the implementation of its genetic testing labs to a COVID-19 testing lab, should it be required to do so in combating the pandemic.

The company further announced that work had started on the identification of some laboratory workflows, instruments, and to ensure compliance in the handling of biologics and other contaminated materials. It also announced that it had secured its supply chain for test reagents.

The company also announced that the idea to come up with the COVID-19 test plan was the result of the company’s projection for an increase in demand and that it was not based on any prior agreements to offer COVID-19 tests. The company further stated that it has a capacity to offer a high throughput for COVID-19 tests and that this would not in any way impact negatively on the company’s testing activities.

CEO George Muchnicki stated that the company was ready to transition their laboratories, to help fight the COVID-19 pandemic to meet community needs.

The company also stated that it was in negotiations with independent network providers who will offer oversight on the testing.  It projects that it there will be binding agreements within May.

Looking at its price action, GENE is in a breakout. The stock gapped up and opened the day at $2.18. It then traded between a low of $1.99 and a high of $2.84, before closing at $2.30. Volumes in the day stood at 30.06 million.

About Genetic Technologies Limited

Genetic Technologies Limited is a molecular diagnostics company. The company offers predictive tests to physicians and is based in Fitzroy, Australia.