RGDX to Raise More than $7.8 Million

Response Genetics, Inc. (NASDAQ:RGDX) hit the list of Thursday morning movers.

After a drop to $1.00 at the beginning of the trading week the company started recovering and opened trading on Thursday (February, 2) at $1.25. In the course of trading the company gained $0.35 or 29.66% per share to end up trading at $1.53 before the closing bell. Over the recent year the company was trading as high as $3.05 and hit its lowest annual value at $0.81.

At the current price the company’s market capitalization stands at $29.89 million, which indicates that RGDX refers to a group of small cap companies. Following the unusual change in the share price as many as 144,065.00 shares of the company have recently been traded as compared to its average 30-day trading volume of 17,079.00 shares. The company has 19.54 million outstanding shares that are distributed among stock portfolios of multiple investors. RGDX has a beta of 0.05 which indicates almost equal volatile between the stock market with stock outperforming the market only by about 5%.

The stock rallied following the announcement that RGDX has entered into the acquisition agreement with investors aimed at gaining more than $7.8 million from the private placement of more than 5 million newly issued shares of the company. The purchasing price of a newly issued share amounts to $1.50. The purchasing transaction is to be completed by Monday (February, 6).

Response Genetics, Inc. is a representative of the Biotechnology and Drugs industry of the Healthcare sector. The company is focused on research and development in the field of cancer clinical diagnostic tests. RGDX is a developer of the ResponseDX tests and is engaged in continuous development of testing services for cancer-related issues and creating special testing platform for the healthcare industry.