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GenomeWeb Index Rises 7 Percent in May, Driven by Strong Q1 Earnings News

NEW YORK (GenomeWeb) – Continuing the climb it began in April, the GenomeWeb Index outperformed the broader stock market in May, gaining more than 7 percent.

The Index outperformed the Dow Jones Industrial Average, the Nasdaq, and the Nasdaq Biotechnology Index, which gained 1 percent, 5 percent, and 5 percent, respectively. Stock performance in the May GenomeWeb Index was largely positive, as 20 of the 26 stocks saw gains and only six saw losses.

NanoString Technologies took the top spot for the second month in a row, with a 36 percent gain in May, while Invitae (+34 percent) and Luminex (+33 percent) rounded out the top three gainers. NanoString's stock rose 27 percent in April, and the firm also took one of the top three spots in March, with a 17 percent gain in stock price.

The biggest loser in May was Agilent Technologies, which saw its shares decline 6 percent. Becton Dickinson (-4 percent) and Hologic (-2 percent) completed the bottom three decliners.

NanoString's stock soared after the company posted a 28 percent increase in first quarter revenues. On a conference call with analysts, the firm also highlighted research from early users of its digital spatial profiling technology ahead of the planned launch next year. NanoString President and CEO Brad Gray said that NanoString is currently offering to process samples for customers on its in-house DSP instrument under a fee-for-service technology-access program, and that the firm has initiated nine new TAP projects, bringing the total number to 40.

Invitae's shares also rose on positive Q1 earnings news. The firm's revenues more than doubled during the quarter, and CEO Sean George said that the company is "poised to become the leading provider of inherited genetic testing services in the next 12 to 18 months."

Luminex, meanwhile, reported a 6 percent increase in Q1 revenues on May 6, driven in part by growth in its sample-to-answer molecular product sales. The firm beat Wall Street estimates for revenues and earnings per share.

Agilent's shares fell in May despite a 9 percent increase in second quarter revenues. Though the firm reported sales in line with analyst expectations, its estimates for Q3 and 2018 revenues and EPS fell short of what analysts had anticipated. For Q3, Agilent said it expected revenues of $1.19 billion to $1.21 billion and adjusted EPS of $.61 to $.63. Analysts were forecasting Q3 revenues of $1.21 billion and EPS of $.65. For full-year 2018, Agilent said it was expecting revenues of $4.85 billion to $4.87 billion and adjusted EPS of $2.63 to $2.67. Analysts were expecting 2018 revenues of $4.92 billion and EPS of $2.70.