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QIAGEN (QGEN) Launches COVID-19 Antigen Test With Ellume

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QIAGEN N.V. (QGEN - Free Report) has made a significant advancement in the field of COVID-19 testing. Recently, in the United States, the company started commercializing a portable digital test called QIAreachSARS-CoV-2 Antigen Test to be used by laboratories for the purpose of detecting SARS-CoV-2 antigens in people with active infections in 2-15 minutes.

The test has been developed in partnership with the Australian digital-diagnostics company, Ellume. According to QIAGEN, this test, by providing digital results for more than 30 swab samples per hourand with its ability to process antibody tests in parallel, is setting new standards in terms of scalability and flexibility. The company believes this to be an important step toward decentralized mass screening by processing samples in a short period.

The company has begun to commercialize this latest test after filing for FDA emergency use authorization (EUA) for symptomatic patients. CE-IVD registration for European Union and other markets is expected by the end of the year.

Notably, the company plans to introduce a point-of-care version of this test later this year.

Industry Prospects

Per a report by Grand View Research, the global molecular diagnostics market was valued at $9.2 billion in 2019 and is expected to reach $18.2 billion by 2027, at a CAGR of 9%. Factors like increasing prevalence of infectious diseases and technological advancements in molecular diagnostics are expected to drive the market.

Given the market potential, the launch of the antigen test seems to have been timed well.

Other COVID-19-Related Progress

Of late, QIAGEN has been progressing well with regard to its fight against the pandemic.

The company, in August, launched the QIAseq SARS-CoV-2 Primer Panel for next-generation sequencing (NGS) of the coronavirus genome (the complete set of genes or genetic material present in a cell or organism).

QIAGEN also offers the QIAseqFastSelect rRNA-removal technology for research on SARS-CoV-2.

The company, since the initial phase of the pandemic, has been focused on combating the same by building the most comprehensive portfolio of solutions for testing. QIAGEN’s initiatives include ramping up production of viral RNA extraction for use on its QIAcube, QIAsymphony and EZ1 platforms, as well as third-party instruments. The company also built a range of PCR tests on QIAstat-Dx and NeuMoDx systems and delivered universal NGS solutions for use with any sequencer.

QIAGEN is also scaling up production capacity for reagents sold to other companies for use in their own COVID-19 tests.

Price Performance

Shares of the company have gained 16.4% in the past year compared with the industry’s 8% rise.

Zacks Rank & Key Picks

Currently, QIAGEN carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space include Laboratory Corporation of America Holdings or LabCorp (LH - Free Report) , Hologic (HOLX - Free Report) and Acadia Healthcare Company (ACHC - Free Report) .

LabCorp’s long-term earnings growth rate is estimated at 10.1%. It currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Hologic’s long-term earnings growth rate is estimated at 17.4%. It currently carries a Zacks Rank #1.

Acadia Healthcare’s long-term earnings growth rate is estimated at 12.8%. The company presently carries a Zacks Rank #2 (Buy).

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