Complete Genomics soars after it snags sequencing deal with Mayo Clinic
Shares of Complete Genomics ($GNOM) soared some 50% at the start of the week after the Mayo Clinic announced it would use the company's sequencing services to support its personalized medicines unit. No financial details were unveiled in the release, but that didn't dull investors' interest in the outsourcing deal.
The Mayo Clinic touted the pact as an opportunity to sharpen its research efforts while improving patient care. And the group made it clear Complete Genomics would be augmenting its own sequencing efforts by stepping in on some large-scale whole genome sequencing work.
For Complete Genomics, which has seen its stock price suffer since going public, this is just the kind of news it needs to build confidence in its future. As sequencing prices plunge, it's become possible to start sequencing patients' genomes to provide a better diagnosis and match them with the best possible therapeutic approach. And as more sequencing is done, it helps developers identify new targets and opportunities.
"It is exciting to see a world-renowned healthcare organization like Mayo Clinic take the next step towards bringing high-quality whole genome sequencing data into the clinic. They clearly recognize its potential to personalize treatment options and improve the future quality of patient care," said Leroy Hood, president of the Institute for Systems Biology and a member of Complete Genomics' scientific advisory board. "This is a big step toward the realization of personalized medicine."
Shares of Complete Genomics ended Monday at $4.69, a four-month high. But it lost some of its glitter later in the week, ending Wednesday at $4.05.