NEW YORK — Shares of molecular diagnostics and omics companies fell in June, largely following the broader market.
Overall, the GenomeWeb Top 40 was down 5%. By comparison, the Dow Jones Industrial Average was down 7% from May, while the Nasdaq was down 9%. The Nasdaq Biotech Index, which rose 1%, bucked this broader trend. Of the 40 companies tracked by GenomeWeb, 29 saw their stock prices fall month over month and 11 saw their value rise.
Chinese precision oncology company Biotech Burning Rock, which posted the largest decline of any GenomeWeb Top 40 company in May, posted the largest gain in June, up 21% month on month. the other. At the end of May, the company announced that its Q1 2022 revenue grew 27% year-over-year and reiterated their full-year 2022 revenue forecast of around RMB 620 million, implying 22% growth from full-year 2021.
Burning Rock also announced in early June that it received the CE mark for its OverC Multi-Cancer Detection blood test, intended for the early detection and localization of several types of cancer in people aged 40 to 75.
Diagnostics company Veracyte was June’s second-biggest gainer, up 13% month-over-month. No specific developments appeared to spur the jump, although investors may have seen a buying opportunity in early June when Veracyte stock hit its lowest level since late 2018.
Diagnostics company Meridian Bioscience was the third biggest gainer in June, up 11%. The month continued a year of steady increases for the company, which is up nearly 50% year-to-date. In June he introduced its Lyo-Ready Direct DNA qPCR Stool Mix and Lyo-Ready Direct RNA/DNA qPCR Stool Mix for the molecular detection of nucleic acid from raw fecal samples.
Proteomics company Quantum-Si saw the biggest decline in June, down 45% month-over-month. The company plans to launch its proteomics platform in the second half but has yet to generate revenue.
Cue Health was down 40% month-over-month as demand dried up for its COVID-19 testing offerings. The company confirmed this week that it will lay off 170 people “due to economic challenges affecting many industries” and lack of funding for COVID-19 testing from the US government.
Genetic testing company Invitae was down 34% month-on-month, continuing a decline that has seen the company’s share price fall 72% since early April. The company did not report any news appearing to lead to the June decline.
|GenomeWeb Top 40|
|Company||Teleprinter||30 June 22||31-May-22||% change|
|Burning Rock Biotechnology||BNR||2.91||2.40||9:25 p.m.|
|Guardian of health||GH||40.34||40.98||-1.56|
|A myriad of genetics||MYGN||18.17||19.24||-5.56|
|NeoGenomics Laboratories||NEO||8:15 a.m.||8.42||-3.21|
|Thermo Fisher Scientific||TMO||543.28||567.57||-4.28|
|GenomeWeb Top 40 Average||85.20||90.02||-5.35|
|*Becton Dickinson paid a dividend of $0.87 on June 8|
|**Danaher paid a dividend of $0.25 on June 23|
|***Thermo Fisher Scientific paid a dividend of $0.30 on June 14|