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Why BG Medicine (BGMD) Hit a One-Year High Today (Update)

Update (4:45 p.m.): Updated with Thursday market close information.

NEW YORK (TheStreet) -- BG Medicine (BGMD) rose to a one-year high of $2.36 on Thursday after the diagnostics company reported fourth-quarter results that beat analysts' expectations.

BG Medicine reported a loss of 6 cents a share, which beat the Capital IQ consensus estimate of a loss of 12 cents a share. Revenue also increased 7% year over year to $1.15 million, which edged analysts' estimates of $1.1 million.

President and CEO Paul R. Sohmer M.D. said the company expects "to increase our revenues and decrease our operating cash burn as compared to 2013" in the company's press release.

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The company also announced it received Tuesday a patent from the United States Patent and Trademark Office covering Galectin-3 testing for Cardiac Resynchronization Therapy.

The stock closed at $1.92, up 13.61% or 23 cents from its previous close of $1.69. More than 13.7 million shares traded hands, well above the average of 1,641,810. The stock hit a low of $1.88 for the day and holds a one-year low of 55 cents.

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BGMD Chart

BGMD data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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