Shares in London-listed life science company Oxford Nanopore Technologies have jumped by around 14% after the firm boosted its first-half revenue forecast.
The University of Oxford spinout, which develops and sells DNA and RNA sequencing products, has become one of the UK’s most prominent life science companies.
Oxford Nanopore this week announced that expected sales for its biotech products for the first half of 2023 would be around £86m, a 16% increase from its previous forecast.
This revenue forecast caused the uptick in Oxford Nanopore’s stock price, which currently sits at £2.49.
The current full-year revenue growth prediction for the firm is between 16% and 30%, with a plan to break even within the next three or four years.
Company founder and CEO Dr Gurdial Sanghera credited the recent boost to an “increasingly broad and diverse base of customers”.
The company sells handheld devices to analyse DNA and RNA in real time.
Oxford Nanopore listed publicly on the London Stock Exchange in 2021 and reached a peak share price of £7.10 in December of that year.
The firm’s shares dropped to their lowest value in March of this year, reaching £1.88.
At the time of the share slump, Sanghera stated that he wouldn’t rule out a move away from the London public markets, describing the firm’s IPO as not “irreversible”.
The CEO’s comments came amid a growing trend of UK firms looking at foreign options, particularly in New York, for public trading.
Among the most notable examples was the recent decision from Cambridge-based semiconductor designer Arm to list in New York.
The government is currently considering ways to encourage growth within the London Stock Exchange.
In January, Sanghera was included in the New Year Honours List 2023 for his services to the UK technology sector.