Orchid BioSciences Doubles in Premarket

Biotech penny-stock Orchid BioSciences ( ORCH) doubled in premarket trading Wednesday after reporting progress with a technology it developed to determine paternity.

The company said the American Association of Blood Banks approved its single nucleotide polymorphisms technology for use in paternity tests. The association is the main standard-setting organization for parentage testing in the U.S.

Orchid will use the technology in its own Orchid GeneScreen line, reducing the per-test cost, raising margins and increasing capacity.

The shares were up 50 cents to $1 on Instinet recently.

More from Stocks

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Futures Fall on Further Trade Rhetoric from China and 4 Other Stories to Watch

Trade Tussle Sinks Stocks, Oil Slides, Micron, Daimler - 5 Things You Must Know

Trade Tussle Sinks Stocks, Oil Slides, Micron, Daimler - 5 Things You Must Know

Chart: Goldman Sachs Doesn't See U.S. Economy Falling Apart Anytime Soon

Chart: Goldman Sachs Doesn't See U.S. Economy Falling Apart Anytime Soon

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries