QSI - Why Shares of Quantum-Si Are Up Thursday
2023-07-13 15:53:44 ET
Shares of Quantum-Si Incorporated (NASDAQ: QSI) were up more than 8% as of 3:30 p.m. ET on Thursday. Increased institutional buying of the medical device maker's stock drove the stock up as much as 12.7% earlier in the day. The company, which makes devices for protein sequencing, has seen its stock climb more than 40% so far this year.
Quantum-Si focuses on medical equipment for for proteomics, the large-scale study of proteins. The company's platform helps simplify next-generation single-molecule protein sequencing to improve drug discovery and diagnostics. On Wednesday, Cathie Wood's Ark Genomic Revolution ETF picked up 20,742 shares of Quantum-Si, the fourth time since June 27 that the ETF has added to its Quantum-Si position. Retail investors, seeing the move, bought the stock as well.
The stock has risen steadily since hitting a 52-week low of $1.36 on May 15. The company still has a long way from being profitable. It reported it had $322 million in cash as of the first quarter, enough to fund operations into 2026. Quantum-Si just started making revenue, reporting $254,000 in first-quarter sales from the $449,000 it has in orders of its Platinum single-molecule protein sequencing platform. The device wasn't launched until late December. The company also reported a $23.6 million loss in the first quarter.
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Why Shares of Quantum-Si Are Up Thursday