GenomeWeb Top 40 Down 3 Percent in June Despite Gains in Broader Market

NEW YORK – Stocks of omics and molecular diagnostics companies were down in June amidst gains in the broader market.

Overall, the GenomeWeb Top 40 was down 3 percent. The Dow Jones Industrial Average rose 1 percent, the Nasdaq gained 6 percent, and the Nasdaq Biotech Index increased 3 percent. Of the 40 firms tracked by GenomeWeb, 25 saw their stock prices decline month over month, while 15 saw their shares increase in value.

For the second month in a row, CareDx led the winners, with its shares up 19 percent month over month. The company's stock got a bump at the beginning of June following the publication of a large peer-reviewed study that demonstrated the utility of the firm's kidney transplant diagnostic for improving the detection, characterization, and treatment of kidney allograft rejection.

Twist Bioscience posted the second-largest gain in June, with its shares up 18 percent month over month. Though the company did not report any news that appeared to drive the gain, TD Cowen analyst Steven Mah wrote in a note to investors that Twist is executing on its "top-line goal of improving revenues and margins" and that he sees "additional upside" as the firm's product mix "shifts to premium-priced products in the future."

Akoya Biosciences posted the third-largest gain in June, with shares up 9 percent year over year. Investment bank Craig-Hallum initiated coverage of Akoya during the month with a Buy rating and a $7.50 per share price target. Craig-Hallum analyst Bill Bonello wrote in a note to investors that the company "is at the front end of a significant product adoption cycle" and has the potential to grow its annual revenue to $500 million within five years.

In an investor note last month, Canaccord Genuity analyst Kyle Mikson said the bank remains "bullish on [Akoya's] potential to penetrate the attractive spatial biology market over time" and maintained its Buy rating and $6 price target on the company's stock.

Ginkgo Bioworks saw the biggest decline in stock price in June, with shares down 38 percent. On June 17, the company launched a restructuring plan that it said will result in a reduction of at least 35 percent of its workforce, including 158 employees based in Cambridge, Massachusetts, who will be laid off at the end of the year, and 35 based in Emeryville, California, who will be laid off in August.

Following that announcement, investment bank BTIG lowered its price target for Ginkgo from $.50 to $.20 per share and maintained its Sell rating for the stock.

Quantum-Si posted the second-largest decline in stock price in June, with shares down 31 percent month over month. The company did not report any news that appeared to drive the decline.

23andMe posted the third-largest decline in stock price, with shares down 29 percent month over month. The company also did not report any news that appeared to drive the decline.