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As Third Wave Stock Continues Sliding, Director Buys 3,500 Shares

NEW YORK, March 3 (GenomeWeb News) - Third Wave Technologies Director Brunner Gordon yesterday bought 3,500 shares in his company, as the stock continued to slide for the seventh consecutive day since Third Wave reported  lackluster fourth-quarter earnings on Feb. 23.

 

Third Wave's stock was down 7.35 percent, or $.44, at $5.55 in mid-afternoon trading today. The stock has shed 27 percent of its value since the fourth-quarter earnings were reported on Feb. 23. The shares last traded at this level in early September.

 

Investors continued dumping the stock after two investment banks -- one on  Feb. 23 and another on  March 1 -- downgraded their ratings of Third Wave.

 

Gordon bought the stock as the share price reached $6.22, and he now owns a total of 39,500 shares in the company, according to Insidercow.com, a web site that follows insider transactions.

 

As GenomeWeb News  reported on Feb. 23, Third Wave said total revenues for the three-month period ended Dec. 31, 2004, fell 16.5 percent, while net losses tripled.

 

Total receipts for the three-month period ended Dec. 31, 2004, fell to $8.1 million from $9.7 million during the same quarter in 2003. Third Wave said that more than half, or $4.7 million, of total revenues were derived from clinical molecular diagnostics, meaning that this business segment grew almost 90 percent compared to the fourth quarter of 2003.

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