U.S. equity markets have edged higher in trading today despite the developments over the weekend. This past weekend saw the crucial meeting between major oil producers in Doha.
Ahead of the meeting it was expected that Saudi Arabia, the most important member of the Organization of the Petroleum Exporting Countries or OPEC, will agree to freeze production levels.
Indeed, expectations ahead of the meeting had sparked a rally in oil prices and also boosted other risk assets. However, over the weekend, Saudi Arabia refused to freeze production unless regional rival Iran did the same.
Iran did not send a representative to the meeting and has previously said that it will not freeze production until their production returns to pre-sanction levels.
Saudi Arabia’s decision to not freeze production sparked a selloff in oil, however, it has not had any major impact on equities. At last check, all three major indexes in the U.S. were trading higher.
One of the biggest gainers in trading today is Diadexus Inc. (OTCQB:DDXS). Based in South San Francisco, California, Diadexus is a medical diagnostics company focused on the development and commercialization of in vitro diagnostic products addressing unmet medical needs in cardiovascular disease.
At last check, DDXS shares were trading 53.33% higher at $2.30 on volume of 10,429, which is more than three times the daily average volume.
DDXS shares are surging after the company announced its preliminary financial performance metrics for the first quarter ended March 31, 2016. The company also provided an update on its business.
DDXS reported preliminary total revenue, which comprises entirely of product sales, of $3.5 million for the quarter ended March 31, 2016. The company said that its revenue for the quarter reflects the loss of one of its largest customers for the PLAC(R) ELISA Test. The company’s preliminary cash and cash equivalents at the end of the March quarter totaled $6.3 million.
Lori Rafield, Ph.D., Chairman and CEO at Diadexus, said that the company’s performance in executing its strategy to broaden and diversify its customer base as it launches its new PLAC Activity Test is beginning to generate results and momentum in its business.
Rafield further said that during the first quarter, the company has continued to contract with new customers as it launches its PLAC Activity Test and is already seeing volume growth as it delivers supply into regional and hospital labs, builds awareness of the test's clinical utility and value, and driving demand for its product.
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