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Agilent (A) Boosts PD-L1 IHC 22C3 pharmDX Assay Use in Europe

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Agilent Technologies (A - Free Report) has bolstered presence in the clinical and diagnostic testing market of Europe by expanding the use of PD-L1 IHC 22C3 pharmDx assay in patients suffering from esophageal cancer in the continent.

The assay will enable pathologists to identify patients in need of treatment with KEYTRUDA, a monoclonal antibody that enhances immunity to detect and block tumor cells.

Also, it is capable of detecting esophageal cancer in patients with 10 or more Combined Positive Score.

The latest move bodes well for the company’s growing efforts toward expanding the use of pharmDx assay since it received approval from the U.S. Food and Drug Administration (FDA).

Last month, Agilent expanded use of the assay in patients with non-small cell lung cancer in the European Union.

The latest move is in sync with Agilent’s strengthening endeavors toward the advancement of companion diagnostics for cancer treatment.

Growing Companion Diagnostics Market Fueling Competition

The recent move makes Agilent well positioned to capitalize on immense prospects in the companion diagnostics market.

Rising preferences for targeted therapies and growing applications of customized medicines remain key drivers of this market.

Higher prevalence of chronic diseases and increasing incidences of allergies in patients owing to side effects of medicines are also propelling this market.

A report by Market Data Forecast indicates that the market is expected to hit $4.66 billion in 2021 and reach $12.88 billion by 2026, witnessing a CAGR of 22.56% between 2021 and 2026.

Due to this upbeat scenario, not only Agilent but other major companies like Roche Holding AG, Thermo Fisher Scientific (TMO - Free Report) and Myriad Genetics (MYGN - Free Report) are providing companion diagnostic solutions for immunotherapies.

Recently, Roche Holding announced that it has received approval of U.S. FDA for its first companion diagnostic test, VENTANA MMR RxDx Panel, to identify patients whose solid tumors are deficient in DNA mismatch repair and are eligible for an anti-PD-1 immunotherapy named JEMPERLI monotherapy.

Thermo Fisher Scientific also received approval from U.S. FDA for its Oncomine Dx Target Test as a companion diagnostic to identify patients with RET fusion-positive, metastatic non-small cell lung cancer for oral therapy with GAVRETO.

Further, Myriad Genetics partnered with Illumina to combine companion diagnostics and next-generation sequencing for advancing comprehensive genomic profiling of tumor samples and delivering better outcomes in oncology.

Portfolio Strength - Key Catalyst

The key catalyst behind Agilent’s successful expansion of the pharmDx assay is its technology portfolio strength. The company has been continuously making strong initiatives to expand its portfolio of innovative technology solutions in life sciences, diagnostics and applied chemical markets.

The company recently introduced three InfinityLab Bio Liquid Chromatography systems to address the biopharma industry requirements.

It also released SureSelect Human All Exon V8, an exome design that provides extensive and recent coverage of protein coding regions from RefSeq, CCDS and GENCODE in both clinical as well as translational research.

Further, the company’s unveiling of Agilent 8697 Headspace Sampler with integrated gas chromatography communication in the pharmaceutical space remains a positive.

Furthermore, the Agilent Seahorse XF HS Miniplate launch for the Agilent Seahorse XF HS Mini Analyzer to help immunology and disease researchers in improving immune cell metabolic analysis remains noteworthy.

We believe that these endeavors will continue to benefit Agilent in gaining strong momentum in various end-markets served.

Zacks Rank & Stock to Consider

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

A better-ranked stock in the broader technology sector is Digital Turbine (APPS - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Long-term earnings growth rate for Digital Turbine is currently projected at 50%.