NEW YORK (GenomeWeb News) – Shares of Nanosphere and Exact Sciences rose sharply in September, as the stock market, and tech stocks in general, rebounded from a tough August.
Twenty-seven of the 34 stocks that comprise the GenomeWeb Daily News Index gained ground for the month, reversing the trend in August that saw the Index decline 4 percent. Overall, the GWDN Index was up around 11 percent for September. In comparison, the Dow Jones Industrial Average was up around 8 percent for the month, while the Nasdaq gained 12 percent, and the Nasdaq Biotech Index jumped 10 percent.
The stocks that rose the most for the month belonged to two molecular diagnostic firms: Nanosphere, up 73 percent, and Exact Sciences, up 58 percent.
Nanosphere reversed its steady decline over the preceding few months, which had seen its shares fall from $6.30 on the closing day of April to $2.91 on Aug. 31. It closed September at $5.03. Though it's unclear why Nanosphere's shares dramatically outpaced the broader market in September, the firm removed some uncertainty and risk by settling a patent dispute with Eppendorf in late August.
Shares of Exact Sciences, on the other hand, have been steadily increasing since dipping to $3.15 in mid-July. It closed September at $7.24.
Investors are awaiting the results of a study on Exact's stool-based DNA test for colorectal cancer screening. The firm expects to discuss results of the study on Oct. 29, at the American Association of Cancer Research meeting in Philadelphia.
Only seven of the stocks in the Index declined during September, led by CombiMatrix, which dropped 25 percent, and GenMark Diagnostics, which fell 19 percent.
CombiMatrix continues struggle as it restructures its business. The firm named a new CEO in August and reported a 51 percent increase in its Q2 revenues, but neither of these events moved the stock in a positive direction.
GenMark's shares have been on the decline since mid-August, despite posting a 162 percent increase in Q2 revenues.