Genetic Technologies’ Wednesday Gains Unsustainable, Declining Without Momentum

The Australian diagnostics company Genetic Technologies (NASDAQ:GENE)(ASX:GTG) is giving up gains from Wednesday, down 6% on the day to $3.48. The middle of the week saw immense momentum on the stock from traders, driving share price from $3.18 to $4.20 before beginning a descent that lasted through Thursday and into this morning. Gains on Wednesday were triggered when the Australian banking firm Lodge Partners initiated coverage of Genetic Technologies with a ‘Buy’ rating, followed by news of a patent infringement suit from GENE against the Reproductive Genetics Institute. (more…)