Share Price Of Genetic Technologies Limited (GENE) Declined 9.19% in pre-market trading. Here Is What Happened

Genetic Technologies Limited (GENE) shares plunged on the charts today, approximately -9.19% to trade at $4.44 at last check-in pre-market trading. On Friday, GENE Stock climbed 6.53% to close the day at $4.57. The volume of shares traded was 24.23 million, which is higher than the average volume over the last three months of 1.73 million.


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During the trading session, the share price varied between $4.2301 and $5.74. The company had an earnings per share ratio of -0.68. GENE stock had also gained 4.34% of its value in the previous five sessions and moved 5.79% over the past 30 days, but has increased 26.94% on a year-to-date basis. The stock’s 50-day moving average of $4.56 is above the 200-day moving average of $3.80. Moreover, the stock is currently trading at RSI of 54.73.

Genetic Technologies Limited(GENE), a healthcare company driven by artificial intelligence, announced an update on the Covid-19 risk test on Friday. Gene Stock saw a 6.53% surge following the news.

About Genetic Technologies Limited (GENE)

Genetic Technologies recently updated the public on their Covid-19 Risk Test launch and states that the company has performed adequate due diligence through statistical analysis for the COVID-19 Risk Test. Gene has also partnered up with IBX as their distribution partner which is currently commercializing the COVID-19 Risk Test across USA.

Additionally, the GENE COVID-19 Risk Test may be used to identify the uncertainty of an effected person developing a serious disease if they are transmitted the COVID-19 virus. The COVID-19 Risk Test will give its result about the severity of the virus by using an algorithm of genetic and clinical data.

“Alongside existing treatment options and vaccines, we believe this test will enable more insightful decisions for states, workplaces and individuals on pathways forward in managing this pandemic.” Stated Simon morris, CEO of Genetic Technology Limited, as he emphasized on how this breakthrough could have a positive impact on reducing the severity of this condition beforehand.

Conclusion

GENE Stock increased dramatically after announcing the commercialization of their Covid-19 Risk test. Furthermore, finding severely affected covid 19 patients through several algorithms and genetic models raised investor interest, however, the stock dropped 2.84% as the market settled.

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