HTG Molecular Diagnostics Inc (HTGM) Shares Soar on Back of New Research Agreement
HTG Molecular Diagnostics Inc (NASDAQ:HTGM) shareholders woke up to a 25% pop in the value of their shares, after the diagnostic firm announced that it has entered into a research agreement with Centre Léon Bérard, which provides the framework for molecular profiling studies aimed to advance precision medicine. The initial project utilizes the HTG EdgeSeq Oncology Biomarker Panel to retrospectively characterize immunologic profiles from advanced malignant tumor samples collected in the ProfiLER study (ClinicalTrials.gov identifier NCT01774409).
“We believe this immunogenic profiling of tumors, led by Dr. Pierre Saintigny within the Department of Translational Research and Innovation, will allow us to identify biomarkers with a potential predictive value and to determine if some genetic disorders are linked to immunity status alterations,” said Pr. Jean-Yves Blay, M.D., Ph.D., Director of Centre Léon Bérard. Centre Léon Bérard, located in Lyon, France, is a member of the French Federation of Cancer Centers and UNICANCER, which brings together 20 French hospitals that specialize in the treatment of cancer patients.
“We are thrilled to be working with the Centre Léon Bérard in the fight against cancer,” said Jean Claude Gerard Vice President of European Operations for HTG. “Our HTG EdgeSeq chemistry is well suited for the initial project because it will allow Dr. Saintigny and team to perform molecular profiling on small FFPE samples, and we believe the project sets the stage for future diagnostic opportunities arising from this collaboration.”
On the ratings front, Canaccord analyst Mark Massaro reiterated a Buy rating on HTGM, with a price target of $5.50, in a report issued on January 23. The current price target represents a potential downside of 5% from where the stock is currently trading. According to TipRanks.com, Massaro has a yearly average return of 9.2%, a 59% success rate, and is ranked #276 out of 4555 analysts.
HTG Molecular Diagnostics, Inc. provides molecular technology solutions. It offers products for miRNA, and mRNA measurement for translational research/medicine and molecular diagnostics. Its qNPA molecular technology platform detects changes in gene expression levels; especially from formalin-fixed, paraffin-embedded tissue and other biological sample types. It also offers pharma and diagnostics services.