Stocks fought to stay near neutral today, with sectors reversing their relative performance from yesterday’s session: tech stocks are fighting their way higher, with industrials flagging. Disappointing metrics on the US trade deficit and manufacturing data put a damper on the recent bull run.
It appears that the impending passage of US tax cuts created a more muted reaction than some analysts expected. The prospect of tax cuts was likely already priced in to this market. The market awaits private payroll data later this week as the bulls seek to regain momentum.
Today’s Top Gainer comes from the biotech sector, a frequent contributor to our Top Performer reports. News about a new patent or research breakthrough can lead a relatively little-known stock to explosive gains—and that’s exactly what happened today.
Biocept is the United States’ leading provider of “liquid biopsy tests,” designed to aid doctors in the accurate detection and identification of cancer in patients.
Their stock rocketed up over 60% today after the announcement of a patent on a new approach for dramatically increasing the sensitivity of these tests.
BIOC’s patent on “new methods for detecting nucleic acid sequence variations” will employ a proprietary switch-blocking technology. This approach is designed to enrich patient specimens for easier detection of suspect mutagens. This new patent is expected to help defend BIOC’s intellectual property surrounding its broader ctDNA detection technology. They now hold patents on three core technologies associated with their industry leading detection approach.
Investors piled into the stock on this news, which provides evidence that BIOC is positioning itself to defend its revenue streams long into the future.
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