Active Stocks: Cancer Genetics Inc [NASDAQ: CGIX] was a big winner in Wednesday’s trading session. The stock gained by 131.25% to close the day at $4.81. This rally followed the company’s announcement of Q3 results that showed signs of growth. The results indicated that Q3 revenues rose to $2.1 million, which represents an increase of 35% compared to Q2. The results also showed that gross margins remained the same as Q2, standing at 53.2%. While releasing the results, the company also announced that it had kept HC Wainwright & Co. with the goal of exploring alternatives for future mergers and acquisitions among other growth options.
According to the CEO, John A. Roberts, the company continues to make progress in improving its financial profile. He stated that, one of the moves that the company had made in this direction was to cut down on total liabilities by $15 million over the 9 months that ended on September 30th, 2019. In this period, the company received $9.1 million in cash. Some of that money came from siParadigm, and Interpace Diagnostics Group in recent M&A deals.
The CEO also stated that the company paid creditors about $9 million in secured debt, and a further $2.6 million in unsecured debt. He also announced that the company is looking to further cut down on its debts in Q4 of 2019. This, he said, will give them the space to explore other strategic alternatives.
Looking at the chart above, the stock rallied in the day, and on high volumes of 23.31 million. It was also quite volatile in the day, and traded between lows of $4.08 and highs of $7.79 before closing the day at $4.81. In the day, yesterday’s high of $7.79 will be a key level to watch as possible resistance.
About Cancer Genetics Inc
Cancer Genetics Inc focuses on contract research on drug discovery, oncology among other fields. The company has its headquarters in Rutherford, New Jersey.