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.

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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