Why is iSpecimen Inc’s stock trending? ISPC spikes 13% in premarket

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Why is iSpecimen Inc’s stock trending? ISPC spikes 13% in premarket

 Why is iSpecimen Inc’s stock trending? ISPC spikes 13% in premarket
Image source: Christian Delbert,Shutterstock

Highlights

  • iSpecimen Inc. announced the expansion of its supplier capabilities on January 13
  • It is adding a reference lab in New York to support its customers engaged in Covid-19 research
  • The company's revenue rose 21% in Q3, FY21

The stocks of iSpecimen Inc. (NASDAQ: ISPC) were trending on Wall Street Thursday after the company announced expanding its supplier capabilities to provide support to the research of Covid-19. The stocks of the company were up over 13% in pre-market trading Thursday.

iSpecimen is a technology-driven firm that offers its services in the healthcare sector. The firm intends to accelerate medical discovery by offering its platform for transforming the biospecimen procurement process. It is based in Lexington, Massachusetts.

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The company announced that it is expanding its supplying capabilities by adding a reference lab in New York. This adding of a new lab would aid its commercial as well as government customers who are engaged in Covid-19 research, which will also include an analytical study for the Omicron and Delta variants of Covid-19.

The recently added reference lab of the firm can sequence hundreds of Covid-19 positive swabs every week and provide data to the study, that may prove to be effective in the crucial fight against the virus. Meanwhile, the lab is sequencing recent swabs for identification of variants of Covid-19, as the virus is spreading rapidly throughout the world.

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 iSpecimen Inc. (ISPC) announced the expansion of its supplier capabilities on Thursday

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Stock performance and financial highlights of iSpecimen Inc. (NASDAQ: ISPC):

The shares of ISPC traded at US$7.98 at 9:23 am ET on January 13, up 16.84% from its previous close, when it closed at US$6.83. Its stock value soared 16.34% over the past 6 months.

The company has a market cap of US$59.62 million. Its trading volume on January 12 was 925,609.

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The revenue of the company was US$2.7 million in the third quarter of fiscal 2021, up 21% from US$2.3 million in the same quarter of the previous year. For the first nine months of 2021, it reported a revenue of US$8.6 million, representing an increase of 57% YoY.

However, in the third quarter of fiscal 2021, the company's net loss came in at US$1.55 million, or a loss of US$0.22 per share, against a loss of US$1.24 million in Q3, FY20.

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Bottom line:

The founder and Chief Executive Officer of the firm, Christopher Ianelli, spoke of the necessity of sequencing nasal swabs in determining the variant of the virus in a patient who has tested positive. The new facility, he said, will improve speed and efficiency in aiding government and commercial researchers.

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