KUALA LUMPUR (Aug 3): Malaysian Genomics Resource Centre Bhd (MGRC) said on Wednesday (Aug 3) that it is not aware of any corporate development that would have caused the sharp fall in its share price on Tuesday.

Shares in the genomics and biopharmaceutical specialist plunged 33.64% to 71 sen on Tuesday, from RM1.07 on July 26, prompting a query from Bursa Malaysia on the unusual market activity (UMA).

At the closing bell on Wednesday, MGRC’s share price was 7.5 sen or 10.86% higher at 78.5 sen, which translates to a market capitalisation of RM97.51 million.

The 15th active stock saw a total of 22.53 million shares exchange hands, more than twice its 200-day average volume of 10.75 million.

The counter has fallen 23.04% year-to-date from RM1.02, and 62.26% over the past year from RM2.08.

In a filing with Bursa Malaysia, MGRC said it is not aware of any corporate development, rumour, report, or any other possible explanation that may account for the trading activity.

MGRC’s last announcement was on July 20, when the group signed a collaborative agreement with UCrest Bhd to integrate genomic testing services into digital health platform iMedic.

For the nine months ended March 31, 2022, MGRC posted a net profit of RM3.21 million versus a net loss of RM2.19 million in the previous year, mainly due to higher revenue and margin.

Nine-month revenue jumped 1,090% to RM22.03 million from RM1.85 million, contributed by successful penetration into the biopharmaceutical services including Covid-19 vaccine administration and distribution, distribution of immunotherapy and cell therapies, as well as increase in its genetic screening services business.