Why 23andMe's Stock Is Trading Higher Tuesday

23andMe Holding Co. ME shares are trading higher by 6.6% at $7.77 Tuesday morning after Credit Suisse initiated coverage on the stock with an Outperform rating and announced a $13 price target.

23andMe last Friday reported quarterly losses of 25 cents per share and quarterly sales of $59 million.

"We began our 2022 financial year with a solid first quarter. Our revenue growth of 23% reflects increased delivery of our Personal Genome Service to customers, compared to the first quarter of fiscal 2021, which was negatively impacted by the onset of the global pandemic," said Steve Schoch, Chief Financial Officer of 23andMe.

"We are continuing to operate with an objective of profitable growth in our Consumer & Research Services segment. We are also prioritizing significant investments in advancing our Therapeutics portfolio, mainly related to funding for research programs with GSK and, to a lesser extent, for progressing our wholly-owned program P006," Schoch stated.

23andMe has a 52-week high of $18.16 and a 52-week low of $7.01.