Active Stocks: Precipio, Inc [NASDAQ: PRPO] was a big gainer in Thursday’s session. The stock closed the day with gains of 50%. The trading volume for PRPO was very heavy yesterday and stood at 12,193,638 shares for the day. The stock’s huge rally came after Precipio announced that a good number of its large laboratories have completed validation studies to test the IV-Cell Cytogenetic media product. The company’s lab studies on HemeScreen Assay have been a success as well. This means that the company has had a successful Q3 in my opinion.
Precipio has also been engaged in some significant efforts towards commercialization. Some of the efforts have been geared towards penetrating large laboratories locally and in the global market. According to the management, efforts at international commercialization for IV—Cell have been a success, and have the potential to pull in $35 million a year for the company. With that being said, it still comes down to the stock chart and how it reads technically.
Looking at the daily chart above, PRPO broke-out of its down trend on heavy volume yesterday. One thing to note is that the last time it did this back in July, it turned out to be a head fake and continued its bear run from July till yesterday. We need to see a bullish follow through to see the tides change for PRPO. If PRPO can break its $3.93 range then we might see the bulls continue to charge. Thursday’s session was quite volatile, and saw PRPO swing between lows of $2.03 and highs of $3.93, before finally closing the day at $3.27. A key level to watch is a close above $3.27 and its next resistance level would be around $3.93.
Besides the good news that triggered this rally, other factors that could impact on its price action in Friday’s session is U.S inflation data and political issues. If data comes out positive, U.S stocks could rally in the day.
About Precipio Inc
Precipio Inc (PRPO) is a cancer diagnostics company that provides oncology-related products. The company is also well-known for the provision of diagnostic information to physicians and patients all across the world. The company has partnerships with top U.S universities including the Yale School of Medicine.