KUALA LUMPUR (Aug 2): Malaysian Genomics Resource Centre Bhd (MGRC) has been slapped with an unusual market activity (UMA) query by Bursa Malaysia following a sharp fall in its share price on Tuesday (Aug 2).

The stock opened one sen higher at RM1.02, where it stayed at for most of the trading day. But the stock dropped sharply about an hour before market close, as it lost 30 sen or 29.7% to end the day at 71 sen.

The closing price gives the company a market capitalisation of RM88.19 million. It saw 15.45 million shares traded.

Year-to-date, the genomics and biopharmaceutical company's counter has fallen 38.79%. The last time its share price traded below 71 sen was on June 17, when it settled at 68 sen.

In a bourse filing, Bursa requested that the company disclose any corporate development, rumours or report concerning the business and affairs of the group, or any other possible reasons, that may account for the UMA.

The regulator also asked whether the group is in compliance with the Bursa Securities Listing Requirements (LRs), in particular on immediate disclosure obligations.

MGRC was previously queried twice over UMA in end 2021, first on Nov 8 — when its share price opened at RM1.90 and closed at RM1.64. The second time happened on Dec 6, when the counter opened at RM2.38 and closed at RM1.67.

On both occasions, the group said it did not know what could have caused the sharp fall in its share price.

For its financial results for the third quarter ended March 31, 2022 (3QFY22), MGRC's net profit rose to RM1.96 million, almost 10 times the RM200,000 it recorded in the corresponding quarter last year, as revenue jumped to RM5.08 million from RM1.63 million.

The group said the earnings growth arose from the distribution of immunotherapy and cell therapies. It also saw an overall return on its genetic screening services business, with the gradual reopening of the economy.