PRPO stock jumped more than 30% Wednesday. The increase comes two days after Precipio Inc (NASDAQ:PRPO) said it signed a services contract with multiple hospitals in Cairo, Egypt. Following the news, PRPO stock jumped 9% Monday, only to continue its run of good luck today.
Here’s everything we know.
PRPO Stock Flying on News of Egyptian Contract
On April 29, Precipio Inc. said it signed a services contract with several Cairo-based hospitals. According to the New Haven, Connecticut-based company, the contract is forecasted to generate more than $1.5 million in annual revenue. Precipio Inc said the contract calls for establishing Egyptian laboratory operations, which will license PRPO’s proprietary technologies to provide liquid biopsy. It will also license the company’s technologies to provide hematologic molecular testing.
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We also know that the Egyptian contract is part of the specialty cancer diagnostics company’s plans to expand internationally. It is focusing specifically on expanding in South America, Asia, the Middle East, and Europe. “The international segment of our business is going to be a valuable contributor to our revenues, margins and cash flow in the coming quarters,” said Ilan Danieli, CEO of Precipio.
As mentioned, on the day of the news, PRPO stock increased—and it seems the stock isn’t planning on slowing down. In fact, in the past month, PRPO stock has more than doubled, and CEO Danieli believes the market is clueing into the company’s value. And we couldn’t agree more.
According to Yahoo Finance, at the time of writing, PRPO stock is trading at $8.24, which puts it up 36.20%. PRPO stock is a Yahoo Finance trending ticker of the day.
Takeaway
What do you think about PRPO stock trading up more than 30% today? Do you think it has to do with the Precipio Egyptian contract or was this a one-off? Do you think the stock will open even higher tomorrow? Let us know what you think in the comments below!
Featured image: DepositPhotos © vilevi
