Today's Research Reports on Trending Tickers: Adial Pharmaceuticals and Cancer Genetics
NEW YORK, NY / ACCESSWIRE / December 14, 2018 / Biotech stocks Adial Pharmaceuticals and Cancer Genetics were exploding in Thursday’s session. Adial moved higher on news that the company is considering expanding AD04 to treat opioid use disorder. Shares of Cancer Genetics had no news to explain its dramatic share price jump.
The Market Edge Initiates Coverage on:
Adial Pharmaceuticals, Inc.
https://marketedgereport.com/report/ADIL/
Cancer Genetics, Inc.
https://marketedgereport.com/report/CGIX/
Adial Pharmaceuticals, Inc. shares were up nearly 105% at the close yesterday on about 29 million shares traded. Average trading volume for the stock is just under 480,000 shares. The big jump came after Wall Street learned that the company is considering expanding the use of lead investigational new drug product, AD04. AD04 is used to treat individuals suffering from alcohol use disorder, which the Company is now considering expanding to include individuals that are suffering from opioid use disorder. The company believes that AD04 could possibly be used to treat opioid use disorder. “We commend the White House’s efforts to curtail the over prescription of opioids, as well as the flow of illegal synthetic opioids,” William Stilley, CEO of Adial Pharmaceuticals, stated. “At the same time, it is crucial that we address the demand for these drugs, which is driven by addiction. This makes it imperative that we begin to treat addiction as a disease and recognize both the biological and genetic factors contributing to this epidemic.”
Access The Market Edge's Adial Pharmaceuticals, Inc. Research Report:
https://marketedgereport.com/report/ADIL/
Cancer Genetics, Inc. shares closed up 57.45% yesterday on staggering trading volume compared to usual. The stock traded about 3.1 million shares compared to an average trading volume of roughly 216,000 shares. There was no news to explain the unusual activity. It was in November that the company reported a quarterly loss of 23 cents a share, compared to a loss of 16 cents in the year ago quarter. Revenues of $5.94 million for the quarter compared to year-ago revenues of $8.03 million. John A. Roberts, Chief Executive Officer of Cancer Genetics said, “We have made substantial progress across several fronts in the third quarter of 2018. First, we signed a definitive merger agreement with NovellusDx, a leader in functional genomics. This merger will enhance Cancer Genetics’ capabilities in machine learning and functional genomics to enhance our comprehensive diagnostic capabilities and broad data set associated with tumor biology. The merger is expected to close early next year.” He added, “Second, we successfully completed the consolidation of our west coast facility within our planned timeline and budget. We expect that consolidation of this facility will eliminate approximately $4 million annually of our operating expenses due to the closing of this location, supporting our planned path to profitability and positive working capital position of the business. Further, we appointed Glenn Miles as our Chief Financial Officer to complement our ongoing initiatives geared toward achieving operational efficiency and optimization of the overall business. Glenn has significant experience in financial and accounting leadership and will play a key role in developing and executing Cancer Genetics’ financial strategy.”
Access The Market Edge's Cancer Genetics, Inc. Research Report:
https://marketedgereport.com/report/CGIX/
Our Actionable Research on Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) and Cancer Genetics, Inc. (NASDAQ: CGIX) can be downloaded free of charge at The Market Edge.
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SOURCE: The Market Edge
