Home Top Movers HTG Molecular Diagnostics Inc (NASDAQ:HTGM) stock surged in the premarket trading session;...

HTG Molecular Diagnostics Inc (NASDAQ:HTGM) stock surged in the premarket trading session; here’s why

At the last check, in the pre-market trading session, HTG Molecular Diagnostics Inc. (HTGM) stock surged by 9.44% to the price of $4.87. HTGM stock previously closed its session at $4.45 losing -4.09%. The HTGM stock volume traded about 21840.0 shares. While the 3 month average daily volume is 117.61K. In the past year HTGM stock shrunk by-19.82%. However in the past week, the share recovered 3.25%. In the past three and six months, the HTGM stock has lost -31.11% and -12.75%. Furthermore, HTG Molecular Diagnostic Inc. is currently valued in the market at $28.79 million and has 5.00 million outstanding shares.

A look into the operational background of HRG Molecular Diagnostics

HTG Molecular Diagnostics, Inc. is a healthcare company that focuses on life sciences and precision medicines. The Company provides instrumentation in the precision medicines category. The instrumentation requires consumables comprising assay kit as well as software for automating the processing of samples while also profiling various molecular targets.

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The company has developed a molecular profiling data stockpile which is used through the utility of next-generation sequencing. The product offerings of the company include marketed panels of oncology biomarker panel, immune-oncology assay, whole-transcriptome assay, lung fusion assay and many more. The company’s main clientele includes biopharmaceutical companies, research and development institutions and R&D test labs. HTG Molecular Diagnostics, Inc. has a distribution network setup internationally, and has direct distribution in Europe as well as USA.

The company has been running its operation along with partnerships with notable institutions and companies that have aligned their goals with HTG Molecular Diagnostics Inc. which include QIAGEN Manchester Limited and Illumina, Inc.

Announcement of Preliminary Financial results of first quarter 2021

On 5th April, 2021, the HTG Molecular Diagnostics , Inc. had announced that it reported its first quarter 2021’s preliminary financial results. The company initiated its conference call as well and discussed the growth potential of the company. This includes the revenue estimate for the full year 2021 which is expected to be around 30% to 40% increment over the 2020 year’s results. The company has noted the losses and revenue impact that COVID-19 brought along in 2020 and is navigating through its impacts as it goes through the year. The company is expecting the impact of COVID19 to affect the company till first half of 2021 due to which there will be turbulence to revenue recovery in the regional and company level closures.

HTG Molecular Diagnostics states that it is seeing fundamental macro trend of personalized medicine which is causing an increase utility of RNA-based biomarkers. The company is expanding outside of the oncology segment by increasing the sales of its HTG EdgeSeq products. The CEO of the company John Lubniewski states that the company is in the final stages of planned transcriptome panel and Early Adopter Program. The commercial launch for the new precision medicine product is said to be planned for third quarter of 2021.

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