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LabCorp (LH) Expands Testing Portfolio With the Launch of CDx
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Laboratory Corporation of America Holdings or LabCorp (LH - Free Report) recently announced the availability of therascreen KRAS PCR Mutation Analysis -- a companion diagnostic (CDx) to spot patients with non-small cell lung cancer (NSCLC) who are eligible for treatment with Amgen’s (AMGN - Free Report) LUMAKRAS (sotorasib). Notably, both Amgen’s Lumakras and LabCorp’s therascreen KRAS PCR Mutation Analysis received the FDA nod in May.
For investors’ note, the therascreen KRAS assay was originally developed by QIAGEN (QGEN - Free Report) in collaboration with Mirati Therapeutics, and LabCorp applied its scientific validation process to provide the assay through its CAP accredited, CLIA-certified specialty labs.
LabCorp’s oncology platform brings together the company’s leadership in diagnostic testing with its wide-ranging drug development services, helping to establish scientific breakthroughs like the KRAS companion diagnostic to spot patients eligible for cutting-edge targeted therapies.
More in the News
For the last 25 years, LabCorp has played a vital role in introducing testing options for the treatment of cancer and progress in the fields of companion diagnostics and precision medicines. This new test offering is the addition to the growing portfolio of tests that specializes in more personalized care.
Notably, the therascreen KRAS PCR Mutation Analysis is now accessible for ordering from LabCorp to establish if patients carry a specific mutation in the KRAS gene.
Significance of the Launch
Per management, LabCorp is dedicated to ensure that vital biomarker testing for KRAS is immediately accessible to physicians assuring that each patient who may benefit from sotorasib is properly identified and treated.
Image Source: Zacks Investment Research
The expanded indication on therascreen KRAS test will offer clinically relevant information to help physicians in identifying patients eligible for a new class of treatment in NSCLC.
Recent Strides to Expand Testing Portfolio
In May 2021, LabCorp signed a definitive agreement to acquire select operating assets and intellectual property (IP) from Myriad Genetics’ autoimmune business unit, including the Vectra rheumatoid arthritis (RA) assay. The addition of the Vectra testing capabilities to LabCorp in-house products offers great potential to expand the test’s availability and make LabCorp a single-source diagnostics solution for RA providers.
In April 2021, LabCorp launched Pixel by Labcorp COVID-19 PCR Test Home Collection Kit for small businesses -- an initiative focused at providing quick, convenient, and reliable testing for companies with as many as 120 employees. Notably, the offering for small businesses is yet another instance of the company’s dedication to expand access to testing so people can safely return to work and everyday activities.
Industry Prospects
Per a report by Fortune Business Insights, the global NSCLC therapeutics market size was valued at $16.01 billion in 2018 and is projected to reach $43.71 billion by 2026, at a CAGR of 13.4%.
Rise in the proportion of the smoking population and exposure to toxins such as asbestos, and increasing focus toward the diagnosis of lung cancer and the subsequent treatment based on accurate targeting of tumor are the factors driving the market.
Price Performance
Shares of the company have gained 61.1% in a year’s time compared with the industry’s rise of 27.8%.
Zacks Rank and Other Key Picks
Currently, the company carries a Zacks Rank #2 (Buy).
IDEXX Laboratories has a projected long-term earnings growth rate of 20%.
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After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Image: Bigstock
LabCorp (LH) Expands Testing Portfolio With the Launch of CDx
Laboratory Corporation of America Holdings or LabCorp (LH - Free Report) recently announced the availability of therascreen KRAS PCR Mutation Analysis -- a companion diagnostic (CDx) to spot patients with non-small cell lung cancer (NSCLC) who are eligible for treatment with Amgen’s (AMGN - Free Report) LUMAKRAS (sotorasib). Notably, both Amgen’s Lumakras and LabCorp’s therascreen KRAS PCR Mutation Analysis received the FDA nod in May.
For investors’ note, the therascreen KRAS assay was originally developed by QIAGEN (QGEN - Free Report) in collaboration with Mirati Therapeutics, and LabCorp applied its scientific validation process to provide the assay through its CAP accredited, CLIA-certified specialty labs.
LabCorp’s oncology platform brings together the company’s leadership in diagnostic testing with its wide-ranging drug development services, helping to establish scientific breakthroughs like the KRAS companion diagnostic to spot patients eligible for cutting-edge targeted therapies.
More in the News
For the last 25 years, LabCorp has played a vital role in introducing testing options for the treatment of cancer and progress in the fields of companion diagnostics and precision medicines. This new test offering is the addition to the growing portfolio of tests that specializes in more personalized care.
Notably, the therascreen KRAS PCR Mutation Analysis is now accessible for ordering from LabCorp to establish if patients carry a specific mutation in the KRAS gene.
Significance of the Launch
Per management, LabCorp is dedicated to ensure that vital biomarker testing for KRAS is immediately accessible to physicians assuring that each patient who may benefit from sotorasib is properly identified and treated.
The expanded indication on therascreen KRAS test will offer clinically relevant information to help physicians in identifying patients eligible for a new class of treatment in NSCLC.
Recent Strides to Expand Testing Portfolio
In May 2021, LabCorp signed a definitive agreement to acquire select operating assets and intellectual property (IP) from Myriad Genetics’ autoimmune business unit, including the Vectra rheumatoid arthritis (RA) assay. The addition of the Vectra testing capabilities to LabCorp in-house products offers great potential to expand the test’s availability and make LabCorp a single-source diagnostics solution for RA providers.
In April 2021, LabCorp launched Pixel by Labcorp COVID-19 PCR Test Home Collection Kit for small businesses -- an initiative focused at providing quick, convenient, and reliable testing for companies with as many as 120 employees. Notably, the offering for small businesses is yet another instance of the company’s dedication to expand access to testing so people can safely return to work and everyday activities.
Industry Prospects
Per a report by Fortune Business Insights, the global NSCLC therapeutics market size was valued at $16.01 billion in 2018 and is projected to reach $43.71 billion by 2026, at a CAGR of 13.4%.
Rise in the proportion of the smoking population and exposure to toxins such as asbestos, and increasing focus toward the diagnosis of lung cancer and the subsequent treatment based on accurate targeting of tumor are the factors driving the market.
Price Performance
Shares of the company have gained 61.1% in a year’s time compared with the industry’s rise of 27.8%.
Zacks Rank and Other Key Picks
Currently, the company carries a Zacks Rank #2 (Buy).
A similar-ranked stock from the broader medical space is IDEXX Laboratories, Inc. (IDXX - Free Report) carrying a Zacks Rank #2. You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
IDEXX Laboratories has a projected long-term earnings growth rate of 20%.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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