NEW YORK (GenomeWeb News) – Though it was a mixed month on the stock market for firms in the genomic tools and molecular diagnostics industries, Nanosphere and Cepheid managed significant gains, while Complete Genomics continued to struggle.
Overall, the GenomeWeb Daily News Index climbed 2 percent for the month of June, bouncing back from a more than 3 percent decline in May. Seventeen of the 30 firms in the Index saw their shares rise for the month.
However, the GWDN Index trailed the gains for the Dow Jones Industrial Average (+4 percent), the Nasdaq (+4 percent), and the Nasdaq Biotech Index (+6 percent).
Nanosphere produced the biggest gain for the month, rising 27 percent after it received US Food and Drug Administration clearance last week to market its Gram-Positive Blood Culture Nucleic Acid Test (BC-GP) on its Verigene System. The firm's shares were upgraded to Buy earlier today by investment bank Jefferies and spiked another 27 percent.
Cepheid also had a strong month on the market, jumping 18 percent. It shares have risen steadily since providing an update on its product pipeline at two investor conferences early in the month.
Luminex, Vermillion, and Life Technologies also saw double-digit gains — rising 11 percent, 10 percent , and 10 percent respectively — in June.
Among the firms that saw a decline, Complete Genomics dropped 20 percent, adding to a 14 percent drop in the previous month. Early in June, Complete Genomics said that it would lay off 55 employees in order to reduce its cash burn and it hired a financial advisor to explore strategic alternatives, which could include a merger, business combination, equity investment, or sale.
Among the other firms to see double-digit declines in their stock prices were Rosetta Genomics (-19 percent), CombiMatrix (-14 percent), and Bruker (-10 percent).