Shares of Arrayit Corp (OTCMKTS: ARYC) have taken a flight ever since the company increased its weekly guidance for medical billing associated with its allergy testing services. Renewed investor interest comes on the company increasing its weekly guidance to $2 million per week, up from initial guidance of $1 million a week.
ARYC Catalysts and Share Price Analysis
The stock’s sentiments in the market have also inched higher on the company confirming an in-network allergy testing services contract with five commercial healthcare benefits company. A confirmation that the company’s network of healthcare clinics, where it is currently providing services, has increased to 400, has all also continued to fuel the upward momentum.
The company has since moved to enhance its revenue generation capabilities by engaging the services of an Apple Enterprise Healthcare partner. With the new deal, the company is planning to leverage the robust Apple iPad Platform and iOS ecosystem to accelerate revenue and earnings growth.
Investor’s reaction to recent developments has been positive if recent price action activity is anything to go by. The stock has since exploded from lows of $0.04 as of the start of the year to current highs of $0.20 a share.
The 400% spike in share price underscores the strength of the upward momentum as the stock continues to register higher highs. After the recent spike, any pullback should act as a good buy opportunity as the stock remains well positioned to continue powering high.
A pullback to the $0.14 could be in the offing, as this is the immediate support level from where the stock embarked on its latest upswing. Above the $0.14 mark, the stock looks set to continue edging higher.
Conversely, a breach of the $0.14 support level could leave the stock susceptible to a drop to the $0.09 mark, the next substantial support level. Arrayit Corporation remains well positioned to continue climbing the ladder, given the solid underlying fundamentals and the strength of the upward momentum.
What Does Arrayit Corporation Do?
Arrayit Corporation bills itself as a life sciences company focused on the development and marketing of life sciences tools and integrated systems. The company develops microarray tools used in the manufacture of DNA, protein, antibody, lipid among other microarrays.
Why is Arrayit Corporation Skyrocketing?
Shares of Arrayit Corporation are skyrocketing on investors reacting to the underlying growth. The company is fresh from increasing its weekly billing guidance from $1 million to $2 million.
The company attributes the 100% increase to growth in medical billing on its physician-prescribed allergy testing services. Arrayit Corporation has also confirmed an increase in the number of clinics being added to its Patient Data solutions portal. In addition to an increase in the adoption rate of its allergy testing services.
“We are pleased to increase our weekly billing guidance for allergy testing services in concordance with increasing awareness and utilization among doctors and patients of our innovative finger stick allergy test to pinpoint food and environmental allergies,” said CEO Rene Schena.
Over the past six months, Arrayit Corporation has seen its nationwide allergy testing consortium increase to 410 medical clinics. The rapidly expanding network now uses the company’s powerful finger stick allergy testing services.
The company has also completed an allergy testing pilot program with a top retail chain having established a network of 1,700 allergy sales professionals. Consequently, the company has appointed an Apple enterprise healthcare partner as it seeks to increase revenues and earnings this year.
Arrayit Corporation intends to leverage the iOS platform to streamline key aspects of its doctor prescribed allergy testing services as well as patient scheduling test kit ordering and electronic retrieval services.
“The inherent portability and security of iPad/iOS fit with our mission of using technological innovation and miniaturization to improve patient health and wellness,” Schena in a statement.
It promises to be a record-breaking financial year given the weekly projections that Arrayit Corporation has given. The company is gaining traction with physicians and healthcare facilities with its allergy-testing services.
A nationwide network made up of 1700 sales representatives in addition to a national testing consortium of 410 medical clinics underscores the company’s push for revenues with its allergy testing services.
That said the stock looks set to continue climbing the ladder as investors take note of the tremendous potential at stake. For early movers, pullbacks should act as exciting entry positions while betting on further movements on the upside.
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Disclosure: We have no position in ARYC and have not been compensated for this article.