GNMK - Why GenMark Diagnostics Stock Is Soaring Today
Shares of GenMark Diagnostics (NASDAQ: GNMK) were soaring 17.3% as of 11:56 a.m. EDT on Thursday. GenMark didn't report any new developments, so why did its stock jump? The most likely reason is that investors anticipate significantly higher sales for the company's COVID-19 diagnostic tests, especially as some states move toward allowing businesses to reopen.
There are two sides of the coin with states relaxing shelter-at-home orders. Some states plan to take action only when they have more COVID-19 tests available. Others are moving forward more quickly, but it's possible that this course of action could increase the number of coronavirus cases, therefore boosting demand for COVID-19 diagnostic tests.
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