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23andMe Holding Co. (ME) Stock Rapidly Rising in Aftermarket, Here’s the reason

23andMe Holding Co. (ME), a consumer genetics and research company, has soared 12.31% in aftermarket trading session. As a result, ME stock is trading at $8.85 at the time of this writing. The increase has come after ME was mentioned on CNBC by Eric Jackson. On Thursday, ME stock declined 0.88% during regular trading hours and closed the day at $7.88.

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The reason behind the ME surge

Eric Jackson of EMJ Capital appeared on CNBC on Thursday. According to him, the people are misinterpreting ME. For him, he said, it was more of a pre-stage therapeutics company as well as a subscription service. He said that potentially, ME could be worth as much as GSK ten years from now on. After his comments, ME stock is continuously soaring in after-market trading session.  

Conversation of ME CEO

On 24th September, CEO of ME Anne Wojcicki joined the popular interview show “Influencers with Andy Serwer” to discuss the politicization of medicine during these harsh times of pandemic. According to him, the consumerization of the healthcare industry has provided the companies like 23andMe Holding to provide their expertise in the medical industry, to have their say in policy matters, and to have more of a role in scientific leadership.

Q2 2021 financial highlights

On 13th August, ME reported the financial results for the first quarter of the fiscal year 2021 which ended on 30th June 2021. The total revenue generated by the company for the period stood at $59.23 million against $48.05 million for the same period of 2020. The cost of revenue for the period was $28.54 million against $25.56 million for the same period of 2020. The gross profit for the quarter was $30.69 million against $22.49 million for the same period of 2020. The total operating expenses for the period were $72.24 million against $59.21 million for the same period of 2020. The company suffered a loss of $41.55 million from the operations during the quarter against $36.72 million for the same period of 2020. The net loss for the period was $42.02 million against $35.77 million for the same period of 2020. The loss per basic and diluted share for the period was $0.25 against $0.38 for the same period of 2020. The company had cash and cash equivalents of $769.93 million on 30th June. The total assets were $947.01 million while total liabilities were $284.47 million.

What’s ahead for ME?

Statistics reveal that ME has declined more than 20% during the last 3 months. But with the improvement and expansion plans in its business, analysts are hopeful that ME tends to depict strong performance in near future.

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