Welcome to our dedicated page for 23andMe Holding Co. news (Ticker: ME), a resource for investors and traders seeking the latest updates and insights on 23andMe Holding Co. stock.
23andMe Holding Co. Class A Common Stock (NASDAQ: ME) is a leading genetics-led consumer healthcare and biopharmaceutical company. Founded in 2006, 23andMe specializes in personal genome services through DNA analysis technologies and interactive web-based tools. The company’s core service allows individuals to gain deep insights into their genetic ancestry, health predispositions, and phenotypic traits.
23andMe's mission is to personalize healthcare by supporting meaningful discoveries through genetic research. The company's primary revenue comes from its Consumer and Research Services segment, which includes the sale of direct-to-consumer personal genome services (PGS). This involves shipping DNA collection kits to users, who can then access detailed reports on their genetic makeup through 23andMe’s platform.
The company also has a Therapeutics segment that focuses on leveraging genetic data to develop new treatments. Notably, 23andMe presented positive Phase 2 safety and efficacy data from their anti-CD200R1 antibody, 23ME-00610, at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting.
Despite its groundbreaking work, 23andMe recently faced a significant data breach, affecting approximately 7 million users. Hackers specifically targeted the genetic information of Jewish and Chinese customers, selling the data on the dark web. This incident has led to a class-action lawsuit and ongoing investigations.
In research, 23andMe has also made significant strides. For example, the company conducted the world's largest study on the LRRK2 G2019S variant linked to Parkinson’s disease, with support from The Michael J. Fox Foundation. Findings from this study revealed new insights into the variant's impact and its prevalence in various populations, including unexpected hotspots in Latin Caribbean communities.
23andMe continues to expand its offerings, providing reports that calculate genetic likelihood for conditions like bipolar disorder, anxiety, and depression for its 23andMe+ Premium members. These reports are based on polygenic risk scores (PRS) developed through the company’s extensive research database.
With a strong commitment to advancing personalized healthcare and continuous innovation in genetic research, 23andMe remains a significant player in the biotechnology and consumer healthcare sectors.
23andMe Holding Co. (Nasdaq: ME) has announced the initiation of a Phase 1 clinical trial for 23ME-00610, an immuno-oncology antibody targeting CD200R1, crucial for regulating T and myeloid cells. This trial aims to evaluate the safety, tolerability, and pharmacokinetics in patients with advanced solid tumors. The CD200R1 axis plays a significant role in immune suppression in tumors. The company, leveraging its extensive genetic database, aims to develop new treatments for cancer, marking a significant milestone in its therapeutic endeavors. A virtual R&D Day is scheduled for January 18, 2022.
On December 28, 2021, 23andMe Holding Co. (Nasdaq: ME) announced the successful completion of the redemption of all outstanding warrants under the Warrant Agreement dated October 1, 2020. Approximately 23,901,466 warrants were exercised, marking a 95% redemption rate. The redemption price was set at $0.10 per warrant, resulting in the delisting of Public Warrants from the Nasdaq. Class A common stock trading remains unaffected. This marks a significant financial maneuver for the company, reinforcing its capital structure while enabling investor participation.
23andMe Appoints New Chief Scientific Officer
23andMe Holding Co. (Nasdaq: ME) announced the appointment of Dr. Joseph R. Arron as Chief Scientific Officer, bringing nearly 20 years of experience in biotech drug discovery. Dr. Arron will lead the company's therapeutic programs across multiple disease areas, including immuno-oncology and cardiovascular diseases. Previously at Genentech, he oversaw extensive research initiatives. This strategic addition aims to enhance 23andMe's drug discovery pipeline and further its mission in genetics-based therapeutics.
23andMe Holding Co. (Nasdaq: ME) announced the redemption of all outstanding Public and Private Warrants to purchase shares of its Class A common stock. The redemption price is set at $0.10 per Warrant, effective by 5:00 p.m. NYC time on December 22, 2021. The redemption is triggered if the Class A common stock's Reference Value equals or exceeds $10.00 per share for twenty trading days within a thirty-day trading period. Holders may exercise their Warrants until the Redemption Date, after which unexercised Warrants will become void.
23andMe Holding Co. (Nasdaq: ME) reported a Q2 FY2022 revenue of $55 million, a 7% increase year-over-year. The company completed the acquisition of Lemonaid Health, enhancing its telemedicine offerings. The consumer services segment accounted for 81% of total revenue. Operating expenses rose to $74 million due to R&D and marketing investments. The net loss improved to $17 million from $36 million in the prior year, driven by favorable changes in warrant liabilities. Cash reserves increased to $701 million following a prior business combination.
23andMe Holding Co. (Nasdaq: ME) announced its participation in three upcoming virtual investor conferences scheduled for November and December 2021. The conferences include:
- Credit Suisse 30th Annual Healthcare Conference on November 11 at 12:10 pm ET
- Piper Sandler 33rd Annual Healthcare Conference with a pre-recorded chat available the week of November 22
- Evercore ISI 4th Annual HealthCONx Conference on December 2 at 2:15 pm ET
Webcasts of these presentations will be accessible on the company's investor website.
23andMe Holding Co. (Nasdaq: ME) announced the appointment of Dr. Sandra Hernández to its Board of Directors. Dr. Hernández, currently the President & CEO of the California Health Care Foundation, brings a wealth of experience in improving healthcare access, particularly for underserved communities. Her leadership is expected to enhance 23andMe’s efforts in delivering personalized healthcare experiences. Anne Wojcicki, CEO of 23andMe, emphasized Dr. Hernández’s expertise as vital for the company’s mission of providing affordable and accessible care.
23andMe Holding Co. (Nasdaq: ME) will report its financial results for the fiscal year 2022 second quarter on November 10, 2021, after market close. A conference call is scheduled for 4:30 p.m. Eastern Time. Shareholders can submit questions via the Say Technologies platform ahead of the earnings call. 23andMe has established itself as a leader in consumer genetics, with multiple FDA authorizations for health risk reports and a robust research platform that has facilitated over 180 publications on genetic diseases.
23andMe Holding Co. (Nasdaq: ME) has acquired Lemonaid Health, a telemedicine platform, enhancing its consumer healthcare offerings. This acquisition aims to provide personalized healthcare, leveraging genetics as a foundation. Lemonaid's services will integrate into 23andMe’s consumer business, led by its co-founder Paul Johnson as Vice President. The deal emphasizes better access to affordable healthcare and aligns with 23andMe's mission of empowering individuals through genetic information.
23andMe Holding Co. (Nasdaq: ME) has signed a definitive merger agreement to acquire Lemonaid Health, Inc. for approximately $400 million, with 25% in cash and 75% in shares. This acquisition aims to enhance 23andMe's telemedicine capabilities, allowing for personalized healthcare through a combination of genetics and telemedicine services. The deal is anticipated to close by the end of 2021, with Lemonaid’s CEO, Paul Johnson, transitioning to lead 23andMe's consumer business.
FAQ
What is the current stock price of 23andMe Holding Co. (ME)?
What is the market cap of 23andMe Holding Co. (ME)?
What does 23andMe specialize in?
How does 23andMe generate its revenue?
What recent research has 23andMe conducted?
What was the recent data breach involving 23andMe?
What are 23andMe's key offerings for 23andMe+ Premium members?
Who are 23andMe's main partners in research?
What is 23andMe's vision?
What is 23ME-00610?
How does 23andMe protect user data?
How can customers participate in 23andMe's research?
