ThermoGenesis Stock Is Soaring: What's Going On?

ThermoGenesis Holdings Inc THMO shares are trading higher Wednesday after the company announced the roll out of ReadyStart cGMP Suites for early-stage cell and gene-therapy companies.

What Happened: ThermoGenesis launched a new facility containing a total of 12 suites available for lease. The new development is part of ThermoGenesis' previously announced plan to transition from a medical device company to a contract development and manufacturing organization that operates in the cell gene therapy field.

The company expects the facility to be available for customers by the second or third quarter. It's expected to generate between $10 million and $16 million in annual revenue at full capacity. 

"Our all-encompassing ReadyStart cGMP Suites, will provide a flexible option, enabling companies to achieve their anticipated milestones faster and more efficiently," said Chris Xu, chairman and CEO of ThermoGenesis.

ThermoGenesis is an extremely low float stock with approximately 764,200 shares outstanding. It's moving on abnormally high volume. ThermoGenesis has an average session volume of 88,110, according to Benzinga Pro. Wednesday's trading volume was approaching 20 million at publication time.

ThermoGenesis develops, commercializes and markets a range of automated technologies for CAR-T and other cell-based therapies.

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THMO Price Action: ThermoGenesis shares were up 92.4% at $4.07 at the time of writing, according to data from Benzinga Pro.

Photo: Victoria_Watercolor from Pixabay.