GENinCode has no explanation for share movement, reaffirms position
GENinCode PLC on Wednesday said it ‘knows no reason’ for recent fluctuation of its share price, reaffirming guidance published in August.
The Oxford-based genetic testing company focuses on cardiovascular disease and ovarian cancer prevention.
GENinCode noted ‘sudden movement’ in its shares on Tuesday and Wednesday, but maintained its stock was ‘undervalued’.
The firm’s shares were up 17% at 4.50 pence on Wednesday afternoon in London. They have more than doubled in the last five days, but remain down 34% over the last 12 months.
GENinCode backed the outlook shared in trading update late August, which estimated £1.6 million in revenue for the six months to June 30. This reflects a 15% increase on-year, the firm said, ‘driven by growth across the UK, EU and US business’.
The firm said it has continued discussion with the US Food & Drug Administration on the De Novo classification process, ‘to progress with work ongoing to close out the short list of remaining deficiencies’.
‘Collaboration discussions on potential US and EU test distribution are progressing with a major distributer,’ GENInCode added.
The firm’s interim results are due September 30.
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