In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.1% to 7,447.7 points.

Four ASX shares that have not let that hold them back are listed below. Here's why they are charging higher:

AGL Energy Limited (ASX: AGL)

The AGL Energy share price is up 8% to $6.80. Investors have been buying this energy company's shares after they were upgraded by analysts at Credit Suisse. According to the note, the broker has upgraded the AGL shares to an outperform with a lofty price target of $8.50.

Genetic Signatures Ltd (ASX: GSS)

The Genetic Signatures share price is up 5% to $1.75. This morning the diagnostics company announced that the Therapeutic Goods Administration has registered a saliva-based protocol to collect and test patients for COVID-19 using its flagship 3base EasyScreen SARS-CoV-2 (COVID-19) Detection Kit. Management believes this style of collection will be particularly helpful with Omicron strain.

Liontown Resources Limited (ASX: LTR)

The Liontown Resources share price is up 2% to $1.57. This follows news that the lithium developer has awarded a key contract to Metso-Outotec for the design, fabrication, and delivery of a Semi Autogenous Grinding (SAG) Mill for its flagship Kathleen Valley Lithium Project in Western Australia. Management notes that this puts it on course to achieve its target of first production of lithium concentrate in 2024.

Novonix Ltd (ASX: NVX)

The Novonix share price has jumped 11% to $10.38. This morning the battery materials company announced plans for a secondary listing on the Nasdaq index on Wall Street. Novonix hopes that listing on the famous stock exchange will allow US investor and fund managers the opportunity to invest in the growing company.

The post Why AGL, Genetic Signatures, Liontown, and Novonix shares are charging higher appeared first on The Motley Fool Australia.

The Genetic Signatures Ltd (ASX: GSS) share price is on the move today after an update on the company's COVID-19 test kit.

Shares in the diagnostics company are swapping hands at $1.77 in afternoon trade, up 6.31%.

Let's take a look at what might be driving this share price increase today.

COVID-19 test update

Genetic Signatures informed the market of an update on the company's flagship 3base EasyScreen SARS-CoV-2 (COVID-19) Detection Kit.

The company advised that the Therapeutic Goods Administration has registered a saliva-based protocol to collect and test patients for COVID-19 using this product.

Genetic Signature cited a recent study out of South Africa finding saliva swabs may be better than mid-turbinate nasal swabs for detecting the Omicron variant in PCR tests. Saliva has a higher viral RNA load than nasal samples, the company said. However, the company conceded the nasal swab is more effective in detecting the Delta variant.

Speaking on the announcement, Genetic Signatures CEO Dr John Melki said:

Our team is driven to provide our customers with the highest quality tests and are constantly looking at ways to improve our products so they remain effective in detecting pathogens.

We are pleased that this study and subsequent registration has been completed so quickly.

With Omicron becoming the dominant strain of the SARS-CoV-2 virus it is likely that this new methodology will be needed to identify all cases of this new variant.

Genetic Signatures said some of its customers have already adopted the new protocol for testing COVID-19 patients. The company's COVID-19 detection kit is able to detect all known variants of the virus.

Share price snapshot

The Genetic Signatures share price has fallen in the past year, down 7.8% compared to the same time last year.

In contrast, the S&P/ASX 200 Index (ASX: XJO) is returning roughly 10% in the past year.

The company's shares have lifted 37% in the past month.

Genetic Signatures has a market capitalisation of around $238.26 million based on the current share price.

The post Genetic Signatures (ASX:GSS) share price leaps 6% on COVID test news appeared first on The Motley Fool Australia.

Shares in molecular diagnostics company Genetic Signatures Ltd (ASX: GSS) finished the day strong and closed 12.5% in the green at $1.75.

Today's gain extends an impressive run the company has been on over the past week. Specifically, investors have been piling into Genetic Signatures after it released an investor update last week. Here are the details.

Why did the Genetic Signatures share price charge higher?

Genetic Signatures released an investor update last week where it outlined several investment highlights. For instance, the company outlined it has had a strong year to date and expects sales of at least $21 million for the half year.

First quarter sales were $12.4 million, a company record, supported by a surge in COVID-19 testing in Australia. The recent emergence of the Omicron variant has seen testing volumes increase dramatically in the past three weeks, according to the release.

With case numbers in NSW alone surpassing the 12,000 mark today, this increased testing will likely continue into 2022.

Genetic Signatures designs and manufactures a suite of real-time Polymerase Chain Reaction (PCR) based products for the routine detection of infectious diseases under its EasyScreen brand.

Luckily for the company, it's been determined that its flagship EasyScreen COVID-19 Detection Kit was able to detect all known variants, including the Omicron variant.

Since the new variant has arrived, the company has developed a new kit, called the EasyScreen SARS-CoV-2 Variant Detection Kit. It says this kit was designed in collaboration with customers to differentiate the Omicron and Delta variants prior to sequencing.

Performance of the new kit has been confirmed in-house against more than 300 clinical patient samples. The new kit is being offered initially for research use only and can identify mutations specific to Delta or Omicron in SARS-CoV-2 positive samples.

The company also advised it is still amidst the clearance process for its EasyScreen Enteric Protozoan Detection Kit in the US. After clearance is obtained, the company can market its device.

Genetic Signatures is required to supply data from three different clinical sites and a minimum of 1,500 patient samples with the application. It had been hoped that these trials would be completed by year-end but sample collection has been halted due to COVID-19.

The company expects that these trials will be completed before the end of the March quarter, per the release.

Genetic Signatures share price summary

In the past 12 months, the Genetic Signatures share price has fallen almost 14% into the red after sliding another 13% this year to date.

In the past month, it has regained steam and is now up more than 35% in that time, after climbing more than 29% in the past 5 days of trading.

The post 20% in a week: Here's why the Genetic Signatures (ASX:GSS) share price soared today appeared first on The Motley Fool Australia.

The Genetic Signatures Ltd (ASX: GSS) share price was on form on Monday.

At one stage the molecular diagnostics company's shares were up as much as 10% to $1.83.

The Genetic Signatures share price ultimately closed the day 6% higher at $1.75.

Why did the Genetic Signatures share price surge higher?

The catalyst for the strong rise in the Genetic Signatures share price today was the release of its half year results. Those results revealed record sales and its maiden profit.

For the six months ended 31 December, the company reported a whopping 638% increase in revenue to $18.7 million. This was driven by exceptionally strong demand for its EasyScreen SARS-CoV-2 (COVID-19) Detection Kit globally.

Thanks to its strong sales growth and improvements in its gross margin due to a higher average selling price, Genetic Signatures reported its first significant profit of $4.5 million for the half. This compares to a net loss of $2.35 million in the prior corresponding period.

Positively, the company was cash flow positive in both quarters. It generated $5.2 million overall and $7.8 million in positive operating cashflow. This includes a $2.6 million refund from the ATO in relation to the Research and Development (R&D) tax incentive program. However, it is worth noting that management doesn't expect to qualify for this refund next year as its sales are likely to exceed the $20 million threshold.

At the end of the half, the company had a cash balance of $36.3 million and no debt.

Outlook

No guidance has been provided for the full year. However, management spoke positively about demand for its products.

It commented: "COVID-19 testing is expected to continue for the foreseeable future even with the rollout of the various vaccines around the world, and this is expected to benefit Genetic Signatures, though the Company is unable to determine whether testing volumes will change and/or by what proportion."

"As new variants of the virus are detected it is unclear if the vaccines will be effective against them nor how transmissible the variants will be. Our platform technology, 3base is less susceptible to these variants and the company has confirmed that our current assay detects all reported variants."

The post Why the Genetic Signatures (ASX:GSS) share price surged 10% higher today appeared first on The Motley Fool Australia.

The Genetic Signatures Ltd (ASX: GSS) share price is edging higher today. This comes after the company announced that it received CE-IVD registration for its 3base EasyScreen sexually transmitted infection (STI) Genital Pathogen Detection Kit.

CE-IVD refers to an approved CE Marking from the European Union for an in vitro diagnostic (IVD) device. This allows the product to be commercially sold within Europe.

What's driving the Genetic Signatures share price higher

The Genetic Signatures share price is back positive territory as investors jump on the company's latest news. Originally, the company's shares were sliding lower on the back of overall weak market sentiment.

According to its release, Genetic Signatures advised its STI test kit will be marketed towards Europe and the United Kingdom. This follows the recent granting of the CE-IND mark on the 3base EasyScreen detection device.

The company noted that its product can identify 10 of the most common STI's on the one device.

It's estimated that around 1 million STI's are contracted daily world wide, having a detrimental effect on sexual and reproductive health. Four of the most common infections (Chlamydia, Gonorrhoea, Syphilis, and Trichomoniasis) account for over 376 million cases each year.

Genetic Signatures stated that the addressable market opportunity for Chlamydia and Gonorrhoea alone is worth US$420 million per annum. This number is predicted to grow at a rate of 7% every year, reflecting a lucrative sector.

What did the CEO say?

Genetic Signatures CEO, Mr. John Melki, hailed the favourable outcome, saying:

This is the 5th 3base EasyScreen Detection Kit to attain CE-IVD registration, a significant achievement as we continue to execute on our global expansion strategy. Sexually transmitted infections (STI's) are a large and growing problem globally, and we are pleased to be able to provide a high throughput and accurate diagnostic solution to improve patient outcomes.

Our Company continues to work on new products and enhancing current product offerings even while we meet the substantial demand for our EasyScreen SARS-CoV-2 Detection Kits.

About the Genetic Signatures share price

Over the past 12 months, the Genetic Signature share price has doubled in value, gaining 104% for investors.

The company's shares hit a low of 90 cents in March after COVID-19 sent economic shockwaves across the world. In the following months, the Genetic Signatures share price rose to an all-time high of $2.94 in July.

The post Why the Genetic Signatures (ASX:GSS) share price is edging higher appeared first on The Motley Fool Australia.

The Genetic Signatures Ltd (ASX: GSS) share price has been pushing higher with the market today.

In afternoon trade the specialist molecular diagnostics company's shares are up 3% to $1.96.

Though, at one stage today, the Genetic Signatures share price was up as much as 6% to $2.02.

Why did the Genetic Signatures share price jump higher today?

Investors were buying the company's shares following the release of a second quarter update that revealed further strong sales growth.

According to the release, Genetic Signatures delivered a 738% increase in quarterly revenue to $8.2 million. This led to the company reporting record unaudited half year revenue of $18.7 million, which was up 638% on the prior corresponding period.

This impressive growth has been driven largely by strong demand for its COVID-19 testing kits. Genetic Signatures designs and manufactures a suite of real-time Polymerase Chain Reaction (PCR) based products for the routine detection of infectious diseases under the EasyScreen brand.

Pleasingly, this strong sales growth led to the company achieving its second consecutive cashflow positive quarter. It added $4.1 million in net cash from operating activities, including its $2.6 million R&D tax refund.

At the end of the period, the company had a cash balance of $36.3 million and no debt.

Management commentary

Genetic Signatures' CEO, Dr John Melki, commented: "We pleased to report record half year revenue and a second quarter of positive cash flow. The recent supply agreement with Boston Medical Center has already seen two orders fulfilled, while a second US-based customer has been acquired. The investments made in personnel and warehousing facilities provides a strong foundation for Genetic Signatures as our team continues to pursue active leads in the North American market."

"Recent developments in the United Kingdom, as well as localised outbreaks in Australia, have shown broad testing remains a pivotal tool in responding to COVID-19. We see strong demand continuing in the future as governments pursue various testing strategies. Genetic Signatures remains focused on both ensuring the consistent and reliable supply of test kits to support these ongoing measures and introducing these customers and others to the benefits of the broader EasyScreen suite of diagnostic tests."

The post Why the Genetic Signatures (ASX:GSS) share price surged 6% higher today appeared first on The Motley Fool Australia.

The Genetic Signatures Ltd (ASX: GSS) share price is rocketing higher on Wednesday after the release of an announcement.

In afternoon trade the specialist molecular diagnostics company's shares are up almost 25% to $2.12.

Why is the Genetic Signatures share price rocketing higher?

Investors have been fighting to get hold of the company's shares this afternoon after it announced a major new customer win.

According to the release, the company has signed a deal with Boston Medical Center (BMC) of Boston, Massachusetts, to supply EasyScreen SARS-CoV-2 Detection Kits.

Management notes that the new supply agreement will provide BMC with an expanded testing capability and that it has been signed during a particularly challenging phase of the COVID-19 pandemic in the US.

The release explains that its target volumes are for 1,000 patient samples per day over the next two years. Though, there is no minimum purchase quantity. In addition to this, Genetic Signatures will provide instruments for testing.

Management has warned that the duration and severity of the COVID-19 pandemic is uncertain and may influence the number of EasyScreen SARS-CoV-2 Detection Kits purchased. Though, if target volumes are achieved this will contribute significant revenue to Genetic Signatures over the life of the agreement.

The first order for US$227,000 has been received and will be invoiced this month.

Genetic Signatures' CEO, Dr John Melki, commented: "The new supply agreement and first North American customer marks a major milestone for Genetic Signatures. We are pleased to be working with the Boston Medical Center, a highly regarded hospital and medical center in the US. As COVID-19 remains a challenge in North America, wide-spread testing remains key to managing the spread of the disease."

"Genetic Signatures remains focused on both growing its global reputation as a leading molecular diagnostics company, and the provision of reliable and accurate diagnostic solutions. While securing new customers across North America and EMEA is a near-term focus, the Company is continuing to market the benefits of more comprehensive screening with our EasyScreen Detection Kit range," he concluded.

The post Why the Genetic Signatures (ASX:GSS) share price is rocketing 25% higher appeared first on The Motley Fool Australia.

The market may be struggling on Thursday, but that hasn't stopped the Genetic Signatures Ltd (ASX: GSS) share price from charging higher.

In afternoon trade the specialist molecular diagnostics company's shares are up over 5% to $1.99

Why is the Genetic Signatures share price charging higher?

Investors have been buying the company's shares following the release of its first quarter update this morning.

According to the release, Genetic Signatures delivered record quarterly revenue of $10.5 million for the three months ended 30 September. This was a 50% increase on the previous quarter and a massive 585% higher than the prior corresponding period.

Pleasingly, management notes that it was cashflow positive during the quarter, adding $3.4 million in net cash from operating activities.

What were the drivers of its growth?

Management advised that it experienced strong demand for COVID-19 testing kits from customers in Australia.

It notes that COVID-19 testing in Victoria remained high as the state faced a second wave of infections. In addition, although the number of active cases in New South Wales was controlled, customer demand for testing kits continued throughout the period.

Genetic Signatures' CEO, Dr John Melki, commented: "We are very pleased to report an exceptional quarter of revenue growth and positive cashflow. Strong demand from our customers following the second wave of COVID-19 infections, particularly in Victoria, contributed to the result."

But it wasn't just the domestic market contributing to its sales growth, Genetic Signatures also reported strong demand internationally.

"We are achieving good traction in EMEA, while our US sales team is actively pursuing COVID-19 opportunities under the recent FDA Emergency Use Authorisation (EUA) guidance. As countries around the world battle to keep infection rates under control, extensive testing remains an essential tool for safely re-opening economies," added Dr John Melki.

Outlook.

Management believes the company is well placed to assist the pandemic globally due to its 3base technology.

North America represents the largest diagnostics market globally and the company is continuing to build inventory of its kits to ensure it can supply new customer contracts in the region. If successful, it believes this could represent a step change in revenue.

However, it warned that COVID-19 testing volumes globally remains fluid. As a result, it advised that the predictability of future revenue is difficult and dependent on measures imposed by various governments. This includes quarantining, travel restrictions, testing strategies, and reimbursement rates. As such, no guidance was given for the coming quarter or full year.

The post Why the Genetic Signatures (ASX:GSS) share price is surging 5% higher today appeared first on The Motley Fool Australia.

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a disappointing note. At the time of writing the benchmark index is down 0.9% to 5,819.5 points.

Four shares that have not let that hold them back are listed below. Here's why they are charging higher:

The Afterpay Ltd (ASX: APT) share price is up 3% to $82.92. Investors have been buying Afterpay and other ASX tech shares on Friday following a positive night of trade on Wall Street's technology-focused Nasdaq index. This has helped drive the S&P/ASX All Technology Index (ASX: XTX) 1.5% higher at the time of writing.

The Genetic Signatures Ltd (ASX: GSS) share price has jumped 12% higher to $1.91. This follows the release of the molecular diagnostics company's first quarter sales update. According to the release, Genetic Signatures' preliminary sales for the quarter ended 30 September 2020 are approximately $10.5 million. This is 50% higher than the previous quarter which ended 30 June 2020.

The Qube Holdings Ltd (ASX: QUB) share price is up 2.5% to $2.63. Investors have been buying Qube's shares after the release of an update on its Moorebank Logistics Park. According to the release, Qube is partnering with Woolworths Group Ltd (ASX: WOW) on two new state-of-the-art facilities in the park. This partnership will see Woolworths become a major tenant at the site in a deal worth $1 billion.

The Serko Ltd (ASX: SKO) share price has jumped almost 7% higher to $4.46. This follows the completion of its upsized institutional placement this morning. According to the release, Serko's NZ$45 million placement was oversubscribed at NZ$4.55 per new share. This resulted in the company deciding to increase the size of the placement to NZ$47.5 million. The placement price is a small premium to its last close price.

The post Why Afterpay, Genetic Signatures, Qube, & Serko shares are charging higher appeared first on The Motley Fool Australia.