NEW YORK (TheStreet) -- Shares of Rosetta Genomics  (ROSG) sold off 16.73% to $4 in morning trading Wednesday as investors took profits following the stock's surge on Tuesday.

The stock exploded more than 45% on Tuesday after the molecular diagnostics company announced patent allowances from the U.S. and Europe. Rosetta said it had received a Notice of Allowance from the U.S. Patent and Trademark Office for a patent claiming the use of the company's miR-34a treatment for cancers associated with the p53 gene.

The company also said it had received its first allowance from the European Patent Office for a patent claiming the specific composition for miR-451.

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"We continue to fortify our leading intellectual property position in microRNA technology as well as microRNAs themselves and these new patents expand, strengthen and complement our growing portfolio of over 40 patents worldwide," said President and CEO Kenneth A. Berlin in a statement.

More than 7.5 million shares had changed hands as of 10:29 a.m., compared to the daily average volume of 334,441.

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