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Genomic Health, PacBio Lead November Surge in Stock Prices for Omics Tools, MDx Firms

NEW YORK (GenomeWeb) – Shares of Genomic Health and Pacific Biosciences jumped significantly in November to lead a surge in stock prices for many firms in the omics tools and molecular diagnostics industries.

Overall, the GenomeWeb Index, which tracks the share prices of 31 tools and MDx firms, jumped nearly 7 percent in the month of November. The index far outpaced the performance of the Dow Jones Industrial Average (up .3 percent), the Nasdaq (up 1 percent), and the Nasdaq Biotech Index (up nearly 3 percent).

Shares of Genomic Health spiked early in November after the firm reported a 6 percent increase in third quarter revenues year over year and a 17 percent jump in tests delivered during the quarter. Also during the month, researchers reported in the New England Journal of Medicine on the validation of the firm's Oncotype DX as a means to stratify treatment in a prospective trial of women with a relatively low risk breast cancer subtype.

Shares of PacBio jumped in the second half of the month and continued a rise that began with a nearly doubling of the firm's stock price in October, which was driven by the launch of a new single-molecule sequencing system and a 2015 revenue forecast above previous expectations.

Only three firms in the index saw their share prices drop in November. Foundation Medicine was the biggest decliner, finishing the month down 24 percent.