NASDAQ:OPGN ends the trading session down 6.82%.
The biotech firm agrees to a deal with Menarini Silicon Biosystems to market COVID-19 products.
It has certainly been a tumultuous couple of weeks for OpGen (NASDAQ:OPGN) investors after a one-day spike of nearly 90% on Frida. The move follows the firm’s tweet about an FDA approved COVID-19 emergency test kit. Shares started off Monday strong as well, adding nearly 8% to the opening price before doing a complete turnaround – ending the day down 6.82% or $3.14.
The news of the deal with Menarini Silicon Biosystems will allow OpGen Inc. to market its products across Canada, America, and Mexico. The agreement does include some COVID-19 products which always pique investors’ interest– especially for companies with a low stock price. These coronavirus tests include an IGC/IGM Rapid Test Cassette that can provide antibody results in as little as ten minutes. This test is only permitted to detect the presence of IgM and IgC antibodies against COVID-19 and not for any other virus strains.
OPGN Stock News
The volatility of the stock in recent weeks has left investors unsure of what to expect ahead of OpGen's quarterly earnings call later this week. The price is up nearly 200% on the year, though much of that increase can be attributed to the large spike that OPGN saw on Friday. As a positive, some analysts are giving the stock a buy rating ahead of its earnings report. The average price target is about $5 per share, so investors can be optimistic about a possible boost in the second half of 2020. As OPGN continues to involve itself in the COVID-19 discussion – daily trading volume should continue to be on the rise, adding increased volatility to shares.
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