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PerkinElmer (PKI) Boosts Testing Portfolio With New Solutions
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PerkinElmer, Inc. recently introduced two Research Use Only (RUO) solutions — PKamp VariantDetect SARS-CoV-2 RT-PCR Assay and Next Generation Sequencing-based NEXTFLEX Variant-Seq SARS-CoV-2 Kit — to detect genomic mutations reported in connection to SARS-CoV-2 variants. Notably, laboratories can utilize these assays through nucleic acid extracted from samples that tested positive earlier.
This launch has helped PerkinElmer to strengthen and extend its portfolio of testing solutions. Apart from this, the introduction of the aforementioned assays is likely to boost the company’s Diagnostics business line.
More on the News
The launch of these two assays will offer more information regarding SARS-CoV-2 mutations, which is in sync with PerkinElmer’s continued focus on enhancing COVID-19 testing.
Although the company relies on gold-standard RT-PCR tests for COVID-19 diagnosis, management at PerkinElmer has realized the importance of understanding emerging variants to curb the spread of the virus.
Therefore, the availability of the second-tier assays, resulting from a product development engine, will aid in delivering assays to help laboratories counter the virus.
Recent Developments in COVID-19 Testing Space
PerkinElmer has taken significant strides when it comes to COVID-19 testing.
In February, the company unveiled the PerkinElmer COVID-19 Antigen Test for the qualitative identification of SARS-CoV-2 nucleocapsid protein antigen in nasal (NS) or nasopharyngeal (NP) swab specimens. The lateral flow immunoassay test can be utilized to screen or help in diagnoses of COVID-19 in asymptomatic or symptomatic individuals.
In January, the company announced the receipt of Emergency Use Authorization (EUA) from the FDA for its New Coronavirus Nucleic Acid Detection Kit. The New Coronavirus Nucleic Acid Detection Kit is a real-time RT-PCR test intended to test individuals without symptoms or other reasons to detect COVID-19 infection.
Industry Prospects
Per a report by Fortune Business Insights, the global COVID-19 diagnostics market size stood at $6.22 billion in 2019 and is anticipated to reach $11.40 billion by 2027, at a CAGR of 7.9%. Uncontrolled spread of coronavirus worldwide is the primary factor driving the market. Moreover, the development of real-time test, robust WHO recommendations to make COVID-19 diagnostic a top priority and rising government initiatives targeted toward the implementation of mass testing are fueling the market.
Price Performance
Shares of the Zacks Rank #3 (Hold) company have gained 70.9% in a year’s time compared with the industry’s rally of 65%.
Hologic’s long-term earnings growth rate is estimated at 15.4%.
IDEXX’s long-term earnings growth rate is estimated at 15.8%.
Abbott’s long-term earnings growth rate is estimated at 14.1%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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PerkinElmer (PKI) Boosts Testing Portfolio With New Solutions
PerkinElmer, Inc. recently introduced two Research Use Only (RUO) solutions — PKamp VariantDetect SARS-CoV-2 RT-PCR Assay and Next Generation Sequencing-based NEXTFLEX Variant-Seq SARS-CoV-2 Kit — to detect genomic mutations reported in connection to SARS-CoV-2 variants. Notably, laboratories can utilize these assays through nucleic acid extracted from samples that tested positive earlier.
This launch has helped PerkinElmer to strengthen and extend its portfolio of testing solutions. Apart from this, the introduction of the aforementioned assays is likely to boost the company’s Diagnostics business line.
More on the News
The launch of these two assays will offer more information regarding SARS-CoV-2 mutations, which is in sync with PerkinElmer’s continued focus on enhancing COVID-19 testing.
Although the company relies on gold-standard RT-PCR tests for COVID-19 diagnosis, management at PerkinElmer has realized the importance of understanding emerging variants to curb the spread of the virus.
Therefore, the availability of the second-tier assays, resulting from a product development engine, will aid in delivering assays to help laboratories counter the virus.
Recent Developments in COVID-19 Testing Space
PerkinElmer has taken significant strides when it comes to COVID-19 testing.
In February, the company unveiled the PerkinElmer COVID-19 Antigen Test for the qualitative identification of SARS-CoV-2 nucleocapsid protein antigen in nasal (NS) or nasopharyngeal (NP) swab specimens. The lateral flow immunoassay test can be utilized to screen or help in diagnoses of COVID-19 in asymptomatic or symptomatic individuals.
In January, the company announced the receipt of Emergency Use Authorization (EUA) from the FDA for its New Coronavirus Nucleic Acid Detection Kit. The New Coronavirus Nucleic Acid Detection Kit is a real-time RT-PCR test intended to test individuals without symptoms or other reasons to detect COVID-19 infection.
Industry Prospects
Per a report by Fortune Business Insights, the global COVID-19 diagnostics market size stood at $6.22 billion in 2019 and is anticipated to reach $11.40 billion by 2027, at a CAGR of 7.9%. Uncontrolled spread of coronavirus worldwide is the primary factor driving the market. Moreover, the development of real-time test, robust WHO recommendations to make COVID-19 diagnostic a top priority and rising government initiatives targeted toward the implementation of mass testing are fueling the market.
Price Performance
Shares of the Zacks Rank #3 (Hold) company have gained 70.9% in a year’s time compared with the industry’s rally of 65%.
Stocks to Consider
Some better-ranked stocks from the broader medical space are Hologic, Inc. (HOLX - Free Report) , IDEXX Laboratories, Inc. (IDXX - Free Report) and Abbott Laboratories (ABT - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic’s long-term earnings growth rate is estimated at 15.4%.
IDEXX’s long-term earnings growth rate is estimated at 15.8%.
Abbott’s long-term earnings growth rate is estimated at 14.1%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>