TransGenomic Inc. (NASDAQ: TBIO)
Transgenomic Inc (TBIO), a biotechnology company today announced that it has added distributors in China and Japan for its ICME Mutation Enrichment Kits for genomics research. The kits are planned to help with genomics based cancer research.
Transgenomic Inc. CEO’s Comments
“Asia represents important and growing markets for cancer research, and our ICEme Kits will allow researchers in China and Japan to use the sequencing platforms already in their labs to conduct sophisticated genetic analyses to accelerate their cancer research and drug discovery programs,” commented Paul Kinnon, President and Chief Executive Officer of Transgenomic. “We expect to announce additional distributors in other key territories soon.” Business Wire
TBIO Technical Analysis
TBIO gapped up today in price to $1.40 up from yesterday’s close of $1.12 which is a 25% increase in price based on favorable news. Taking a look at the daily chart we can see the last time the stock traded at this price level was on Aug 5 when it closed at $1.40. The next interesting level of resistance would be the $1.65 – $1.70 level as the price traded in that range from July 15 through July 24. The stock has shown to be very volatile in the past back on May 27 the stock closed at $1.58 and two days later reached a high of $3.75 which was a 137% move. Taking a look further down the chart the stock traded at $2.27 on Jan 23 and reached highs of $3.99 on Jan 29 which was a 76% move. So the stock has shown the ability to make big moves in the past, and the stock has a low float of 10.61 million shares. Add the fact that it’s a biotech company, which typically are very volatile to any new drug news or studies. Makes this stock a prime candidate for the gap and go strategy. The stocks pre-market highs reached $2.30, so the stock gave plenty of that back at the open. For trading purposes my entry point would be $1.50 looking for a run up to $2. My stop loss would be the gap up price of $1.40 fearing anything below that and the stock will fill in the gap up.
About TransGenomic, Inc.
Transgenomic, Inc., a biotechnology company, engages in advancing personalized medicine in the detection and treatment of cancer and inherited diseases through its proprietary molecular technologies and clinical and research services in the United States and internationally. It operates in two segments, Laboratory Services, and Genetic Assays and Platforms. The Laboratory Services segment specializes in genetic testing for cardiology, neurology, mitochondrial disorders, and oncology. This segment also provides pharmacogenomics research services supporting Phase II and Phase III clinical trials conducted by pharmaceutical and biotechnology companies. In addition, it employs various genomic testing service technologies, including ICE COLD-PCR technology, a proprietary platform technology that enables detection of multiple known and unknown mutations from virtually any sample type, including tissue biopsies, blood, urine, saliva, cell-free DNA, and circulating tumor cells. The Genetic Assays and Platforms segment offers the WAVE System, which has applicability to genetic variation detection in molecular genetic research and molecular diagnostics. It also manufactures and sells consumable products, including a range of chromatography columns, which can be used on multiple and independent platforms. The company sells its products through direct sales, support staff, dealers, and distributors to pharmaceutical, biotech, and commercial companies, as well as academic and medical institutions. Transgenomic, Inc. has a collaboration agreement with PDI, Inc. The company was founded in 1997 and is headquartered in Omaha, Nebraska. Yahoo Finance