Has BIOC Stock Topped Out?
Biocept Inc (NASDAQ:BIOC) has had a very eventful week. Following a press release on Monday announcing that the company secured an in-network provider agreement with Blue Cross and Blue Shield of Texas, BIOC stock shot up by nearly 166% in 48 hours.
But on Thursday, the fortunes of BIOC stock turned for the worse as the company fell 21.7% in a correction.
There’s no singular reason in the news that led the stock to drop, meaning it is more than likely a correction by the market to account for its sky-high rise over two days.
While BIOC stock is down on Thursday, it doesn’t significantly detract from the recent upward surge. Even after factoring in the day’s fall, the company is still registering gains of 111.7% since January 10.
The buzz is understandable. Blue Cross and Blue Shield of Texas is the largest provider of health benefits in the state. And as the idiom goes, everything is bigger in Texas. Having a deal with one of the most populous states in the union is of course a huge coup for Biocept, and it allowed the penny stock to fly.
Biocept is a molecular diagnostics company focusing on oncology and diagnostic tools for various forms of cancer, including breast, gastric, prostate, colorectal and melanoma. Biocept’s flagship testing technique involves the use of a proprietary liquid biopsy technology intended to provide physicians with information for treating and monitoring patients diagnosed with cancer. (Source: “Biocept Secures In-Network Provider Agreement with Blue Cross Blue Shield of Texas,” Biocept Inc, January 10, 2017.)
Another interesting thread in this web is President-elect Donald Trump’s admonishment of the pharmaceutical and biotech industries at his first press conference since his election, which took place on Wednesday. That could also have factored into some of the flight we’re seeing from Biocept shares.
All this is to say that the stock is certainly in an interesting position, and investors would be best served by closely watching BIOC stock for further movement, one way or the other.