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Foundation Medicine Leads February GenomeWeb Index

NEW YORK (GenomeWeb) – After posting a 6 percent gain in January, the GenomeWeb Index rose nearly 5 percent in February, on par with the Dow Jones Industrial Average, and outperforming a 4 percent gain from the Nasdaq. The Index underperformed the Nasdaq Biotechnology Index, however, which gained 7 percent in February.

Stock performance in the February GenomeWeb Index was almost entirely positive, with 22 of the 26 stocks seeing gains and only four seeing losses. Many of the gains and losses in February were less dramatic than the ones last month, however.

Foundation Medicine took the top spot in February with a 27 percent increase in share price after posting an 11 percent increase in fourth quarter revenues. The gain was despite Foundation missing analyst estimates for Q4 and full-year 2016 revenues and net loss.

Invitae took the second spot with a 23 percent gain. The company reported a nearly threefold year-over-year increase in Q4 revenues, and grew its test volume in Q4 by 186 percent year over year. On a call with analysts following the release of the earnings, Invitae CMO Robert Nussbaum said that the company will introduce exome testing as a tool to help diagnose complex disorders.

Myriad Genetics was the third-biggest gainer with February with a 20 percent increase in share price. The company reported a small increase in fiscal 2017 second quarter revenues, but the gain beat analyst expectations, sending the company's stock higher.

Luminex was the biggest decliner in February, though it only lost 8 percent. The company reported a larger-than-expected revenue increase and adjusted earnings per share, but its guidance for 2017 margins was below the Wall Street consensus estimate, leading to a drop in share price.

GenMark Diagnostics and Enzo Biochem came second and third on the February decliners' list with 7 percent and 3 percent drops, respectively.