Thinly traded Genetic Technologies Ltd. (GENE) shot up 90 percent this morning. Strength being attributed to a few days old story that says the company is due to launch the world’s first validated test for non-familial breast cancer in the US in the first quarter of 2011.
The stock broke out to the upside earlier, rallying as high as 100% to $6.94.Volume has exploded with more than 600,000 GENE shares already trading hands compared to a daily average volume of just 17,000.
The day’s trading range for the ticker has been between $3.75 and $6.94 per share. Genetic Technologies has a market cap of $80.65 million and a 50-day moving average of $1.20.
At last check, GENE was up $2.33, or 70.25%, to $5.73.
Disclosure: No Position