While Precipio (NASDAQ:PRPO) is a lesser-known company in the diagnostics and research industry, it generated significant market buzz in May 2021 when its COVID-19 antibody test became available on Amazon’s (AMZN) platform. However, can the stock continue to advance by relying on the antibody test? Let’s find out.With a market capitalization of $76.53 million, Precipio, Inc. (PRPO) in Palo Alto, Calif., is a cancer diagnostics and reagent technology company that provides diagnostic products and services to the oncology market. Its HemeScreen technology was adopted by American Oncology Network, LLC in August 2021. Also, its shares soared to hit their 52-week price high of $9.18 on May 4 due to investors’ optimism surrounding the launch of its COVID-19 rapid antibody test on the Amazon.com, Inc. (NASDAQ:AMZN) business platform.
However, the stock has lost 35.8% in price since hitting its 52-week high to close yesterday’s trading session at $3.37.
PRPO announced a new at-the-market (ATM) arrangement on April 5, 2021, which is expected to be its primary financing method. Also, its current trading volume is 395,993, while its average volume is 1,577,112, indicating lowered liquidity. Furthermore, the company’s losses widened in the second quarter. So, PRPO’s near-term prospects look bleak.