- The stock price of Genetic Technologies Limited (NASDAQ: GENE) is trading at over 80% pre-market today. This is why it happened.
The stock price of molecular diagnostics company Genetic Technologies Limited (NASDAQ: GENE) is trading at over 80% pre-market today. Investors are responding to Genetic Technologies providing an update to the market on further development on the COVID-19 serious disease risk Polygenic Risk Score Test (COVID-19 PRS Test) and expansion of the Company’s offering to include Germline Testing division.
Genetic Technologies said that the total COVID-19 positive patient data analyzed exceeded 5,500 following the inclusion of further 4,000 patients’ data. The predictive capabilities improved 100% over age and sex alone and analysis confirms that the test is well calibrated. Plus further datasets will continue to enhance the accuracy and consistency of the algorithm. And the company anticipates submission for regulatory clearance via Centers for Medicare and Medicaid Services/Clinical Laboratory Improvement Amendments (CMS/CLIA) by the end of Q1 CY21 following the final validation process of the expanded dataset.
Utilizing Genetic Technologies’ core expertise in predictive risk modeling, the company utilized the initial dataset of 1,500 patients known to have a positive COVID-19 diagnosis from the UK biobank for developing a comprehensive predictive model to identify those patients most likely to require hospitalization should they become infected with the COVID-19 virus.
The UK biobank released a further dataset on COVID-19 positive patients consisting of about 4,000 confirmed COVID-19 infected patients in November 2020. And following further assessment the company utilized this data to further update and validate the COVID-19 PRS Test. This resulted in enhanced validation of the predictive capabilities of over 100% than disease risk severity based on age and gender alone and the test has been confirmed to be well-calibrated.
More datasets are expected to be made available over the coming months and will be included in the platform to continue to enhance the predictive capabilities of the algorithm, but it will not impact the current regulatory submission to CMS/CLIA by the end of Q1 CY21. The datasets will also enable further cross-validation and scientific publications based on the increased data and anticipated expansion of age assessment capabilities.
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