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Genomic Health a Rare Bright Spot for Genomics Stocks in November

NEW YORK (GenomeWeb News) – With the stock market enduring another rollercoaster month the GenomeWeb Daily News Index posted a 3 percent decline for the month as some firms saw a considerable drop in their share prices.

Several of the firms tracked by GenomeWeb reported their third-quarter results at the beginning of the month. While many of the reported results have underwhelmed, Genomic Health reported 12 percent revenue growth and raised its full-year net income guidance to $8 million from a previous range of $3 million to $5 million.

Its shares jumped 15 percent on the day it announced the results and closed the month up 27 percent, by far the biggest gainer among the stocks in the GWDN Index.

Several stocks in the Index fell more than 30 percent for the month, however. The biggest decliner for November was Rosetta Genomics, which closed down 61 percent. The Israel-based developer of microRNA tests began the month by raising $1.5 million in a private placement, but ended the month by disclosing that it had defaulted on a $650,000 payment to Prometheus Laboratories and cautioning that it may have to file for bankruptcy protection.

Among the other firms who saw a steep decline in their share prices were Accelr8 (-50 percent), Vermillion (-36 percent), Complete Genomics (-35 percent), and Pressure BioSciences (-33 percent).

Overall, the GWDN Index decline of nearly 3 percent compared to a gain of just under 1 percent. The Nasdaq fell 2 percent and the Nasdaq Biotech Index rose 4 percent.

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