China Medical Technologies rises 8.5% on buy of HPV detection system
Shares of China Medical Technologies Inc. (Nasdaq:CMED) rose 8.5% this morning after the company announced it bought an HPV detection system for $345 million.
HPV, or human papillomavirus, causes cervical cancer and sexually transmitted disorders.
Beijing-based China Medical said in a statement issued early this morning that it bought the system from Molecular Diagnostics Technologies Ltd.
The firm said it expects the buy will strengthen its position in the molecular diagnostic market in China and increase its high margin recurring revenue.
By late morning, China Medical is at $30.92, up $2.35 from Monday's close. The stock has traded as low as $25 and $57.50 in the past 52 weeks.
For detailed price information and news stories on China Medical Technologies, click CMED.
For access to the full article, you must be a registered member - it's FREE.
Already a member? Please log in below
Not Registered?
Register today and enjoy all that SmallCapInvestor.com has to offer, including:
- Daily small cap stock profiles.
- Intra-day coverage of Russell 2000 companies.
- Research and insights from our analysts.
- Special reports.
