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Why Prenetics Global Stock Is Skyrocketing Today

TheMotleyFool

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Why Prenetics Global Stock Is Skyrocketing TodayPhoto, wide shot, wide-angle lens, Home decor store, Midday, harsh overhead sunlight, directional sunlightt, photo by Marc Adamus: https://img.theapi.app/temp/1f534af1-8f1f-47f4-aa9f-66269ecafb79.png

Shares of Prenetics Global Limited (NASDAQ: PRE) were skyrocketing 27.8% higher as of 11:12 a.m. ET on Tuesday.

The huge gain came after the company announced that the U.S. Food and Drug Administration (FDA) cleared ACT Genomics' ACTOnco comprehensive genomic profiling test for solid tumors. Prenetics acquired a majority stake in ACT Genomics in December 2022. ACT Genomics, which is headquartered in Hong Kong, specializes in precision oncology tests.

Prenetics needed some good news. The genetic testing stock was down 76% below its peak prior to today's announcement of FDA clearance for ACTOnco.

Source Fool.com

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