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LabCorp (LH), Molecular Loop Team Up for COVID-19 Test Research
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Laboratory Corporation of America Holdings (LH - Free Report) , popularly known as LabCorp, recently collaborated with targeted NGS technology provider, Molecular Loop Biosciences, Inc. to progress in SARS-CoV-2 research. While the entire world is struggling to cope with the quickly mutating coronavirus variants, this latest collaboration where LabCorp will adopt SARS-CoV-2 Research Sequencing Panel from the latter, seems to be extremely meaningful at this moment.
This SARS-CoV-2 Research Sequencing Panel of Molecular Loop will help LabCorp sequence thousands of complete coronavirus genomes each week from positive patient samples. This sequencing is being performed as part of the Centers for Disease Control and Prevention’s (CDC) effort to identify and track the spread of SARS-CoV-2 variants throughout the country.
More in the News
This research sequencing panel converts extracted RNA samples into sequencer-ready libraries in four easy steps, making it easy to implement and scale for Illumina or PacBio sequencing. It is based on redundant probe tiling technology that helps detect emerging variants while alleviating the concern of amplicon or allele dropouts that can occur in amplicon-based workflows.
At present, next-generation DNA sequencing has become the preferred solution for coronavirus variant identification and monitoring. Molecular Loop claims that the sample preparation method used in this Research Sequencing Panel greatly impacts both its scalability and the quality of the data that are generated.
Industry Prospect
Per a report Published in Grand View Research, the global COVID-19 diagnostics market is set to witness a CAGR of 3.1% from 2021 to 2027. Factors like increasing cases of coronavirus-infections, government initiatives to implement mass testing and integration of COVID-19 tests in routine diagnostic protocols to support majorly affected industries like travel and tourism are among the key factors driving market growth.
LabCorp's COVID-Related Drive
In terms of COVID-19 developments, LabCorp was the first commercial lab to launch PCR testing on Mar 5 2020, just after the FDA liberalized the rules around Emergency Use Authorization (EUA) for testing. Through 2020, the company developed six EUA COVID tests and performed approximately 35 million COVID tests in 2020. It has helped to bring multiple treatments and vaccines to market in record time. The company is also the first to offer an at-home PCR collection kit with or without a prescription through Pixel by LabCorp. LabCorp was also one of the initial players to market neutralizing antibody tests that are important in the development of COVID-19 vaccines.
Image Source: Zacks Investment Research
In May 2021, LabCorp announced a new COVID-19 study on the development and longevity of SARS-CoV-2 antibody. The study was based on analysis of specimens taken from 39,086 individuals between March 2020 and January 2021. The company claims this to be the largest known COVID-related study in terms of specimen volume.
In January 2021, as a major development, LabCorp has been awarded a contract from the Centers for Disease Control and Prevention (CDC) to provide genomic sequencing of samples of SARS-CoV-2. This sequencing will aid the CDC in its goal of conducting a large-scale longitudinal genomic survey of the virus using a random set of samples collected from across the United States.
Share Price Performance
The stock has outperformed its industry over the past year. It has risen 63.6% compared with the industry’s 31% growth.
Zacks Rank and Key Picks
Currently, LabCorp carries a Zacks Rank #3 (Hold).
Envista Holdings has an estimated long-term earnings growth rate of 26%.
Inogen has an estimated long-term earnings growth rate of 33%.
IDEXX Laboratories has a projected long-term earnings growth rate of 20%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Image: Shutterstock
LabCorp (LH), Molecular Loop Team Up for COVID-19 Test Research
Laboratory Corporation of America Holdings (LH - Free Report) , popularly known as LabCorp, recently collaborated with targeted NGS technology provider, Molecular Loop Biosciences, Inc. to progress in SARS-CoV-2 research. While the entire world is struggling to cope with the quickly mutating coronavirus variants, this latest collaboration where LabCorp will adopt SARS-CoV-2 Research Sequencing Panel from the latter, seems to be extremely meaningful at this moment.
This SARS-CoV-2 Research Sequencing Panel of Molecular Loop will help LabCorp sequence thousands of complete coronavirus genomes each week from positive patient samples. This sequencing is being performed as part of the Centers for Disease Control and Prevention’s (CDC) effort to identify and track the spread of SARS-CoV-2 variants throughout the country.
More in the News
This research sequencing panel converts extracted RNA samples into sequencer-ready libraries in four easy steps, making it easy to implement and scale for Illumina or PacBio sequencing. It is based on redundant probe tiling technology that helps detect emerging variants while alleviating the concern of amplicon or allele dropouts that can occur in amplicon-based workflows.
At present, next-generation DNA sequencing has become the preferred solution for coronavirus variant identification and monitoring. Molecular Loop claims that the sample preparation method used in this Research Sequencing Panel greatly impacts both its scalability and the quality of the data that are generated.
Industry Prospect
Per a report Published in Grand View Research, the global COVID-19 diagnostics market is set to witness a CAGR of 3.1% from 2021 to 2027. Factors like increasing cases of coronavirus-infections, government initiatives to implement mass testing and integration of COVID-19 tests in routine diagnostic protocols to support majorly affected industries like travel and tourism are among the key factors driving market growth.
LabCorp's COVID-Related Drive
In terms of COVID-19 developments, LabCorp was the first commercial lab to launch PCR testing on Mar 5 2020, just after the FDA liberalized the rules around Emergency Use Authorization (EUA) for testing. Through 2020, the company developed six EUA COVID tests and performed approximately 35 million COVID tests in 2020. It has helped to bring multiple treatments and vaccines to market in record time. The company is also the first to offer an at-home PCR collection kit with or without a prescription through Pixel by LabCorp. LabCorp was also one of the initial players to market neutralizing antibody tests that are important in the development of COVID-19 vaccines.
In May 2021, LabCorp announced a new COVID-19 study on the development and longevity of SARS-CoV-2 antibody. The study was based on analysis of specimens taken from 39,086 individuals between March 2020 and January 2021. The company claims this to be the largest known COVID-related study in terms of specimen volume.
In January 2021, as a major development, LabCorp has been awarded a contract from the Centers for Disease Control and Prevention (CDC) to provide genomic sequencing of samples of SARS-CoV-2. This sequencing will aid the CDC in its goal of conducting a large-scale longitudinal genomic survey of the virus using a random set of samples collected from across the United States.
Share Price Performance
The stock has outperformed its industry over the past year. It has risen 63.6% compared with the industry’s 31% growth.
Zacks Rank and Key Picks
Currently, LabCorp carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Envista Holdings Corporation (NVST - Free Report) , Inogen, Inc (INGN - Free Report) and IDEXX Laboratories, Inc. (IDXX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
Inogen has an estimated long-term earnings growth rate of 33%.
IDEXX Laboratories has a projected long-term earnings growth rate of 20%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>