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Thermo Fisher (TMO) Releases New Update for Omicron Detection
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Thermo Fisher Scientific Inc.’s (TMO - Free Report) Applied Biosystems TaqMan SARS-CoV-2 Mutation Panel has been recently updated to detect the Omicron SARS-CoV-2 variant directly. The Omicron variant was initially identified in November 2021 by South African researchers. Since its discovery, this novel SARS-CoV-2 variant has been detected in dozens of countries.
The discovery of the Omicron variant has inspired more research into the variant's potential for greater transmissibility or its ability to undermine vaccine protection. The new assays were created two weeks after the Omicron was designated as a variant of concern by the World Health Organization, allowing public health laboratories to adapt their surveillance testing programs quickly.
Per Thermo Fisher management, the emergence of the Omicron variant has reinforced the importance of continued surveillance testing. The TaqMan Mutation Panel can be easily adjusted to test for such emerging variants, enabling laboratories to conduct large-scale surveillance testing at this stage of the pandemic. This will help public health agencies to keep track of the Omicron variant and evaluate whether countermeasures are required to curb its spread.
Few Words on TaqMan SARS-CoV-2 Mutation Panel
The TaqMan SARS-CoV-2 Mutation Panel features a customizable menu of real-polymerase chain reaction (PCR) genotyping assays to detect known SARS-COV-2 variants in slightly over an hour accurately. This panel works with real-time PCR instruments commonly used in laboratories worldwide. Notably, laboratories can develop their panel by selecting from a menu of more than 50 known mutations of SARS-CoV-2, which is highly scalable, running up to several hundred samples to monitor for one or many mutations simultaneously. This allows laboratories to be more adaptable in response to local testing needs.
Industry Prospects
Per a report by Fortune Business Insights published in GlobeNewswire, the global COVID-19 diagnostics market is expected to see a CAGR of 7.9% from 2020 to 2027. The uncontrolled spread of coronavirus and several efforts undertaken by medical and regulatory bodies to encourage innovation and accelerate research in the development of coronavirus detection tools are projected to drive market growth.
Image Source: Zacks Investment Research
Given the market prospects, the latest update to Thermo Fisher’s TaqMan SARS-CoV-2 Mutation Panel to enable direct detection of the Omicron SARS-CoV-2 variant seems well-timed.
Notable Developments
Thermo Fisher has engaged in a number of significant developments in December 2021.
The company gained premarket approval from the FDA for its Oncomine Dx Target Test as a companion diagnostic (CDx) to help identify non-small cell lung cancer (NSCLC) patients with epidermal growth factor receptor (EGFR) Exon20-insertion mutations, who might benefit from treatment with Janssen Biotech’ Inc.'s targeted therapy RYBREVANT (amivantamab-vmjw). This authorization marks the second time Oncomine Dx Target Test has been approved as a CDx for EGFR Exon20 insertion mutant patients.
The company completed its $17.4-billion acquisition of PPD, Inc., a renowned global contract research organization (CRO) providing clinical research services to the biopharma and biotech industry. PPD will be integrated into Thermo Fisher's Laboratory Products and Services segment. This buyout will expand Thermo Fishers’ global reach in the attractive, high-growth clinical research services industry.
Share Price Performance
The stock has outperformed its industry over the past year. It has rallied 42% compared to the industry’s growth of 9.5%.
Zacks Rank and Other Key Picks
Currently, Thermo Fisher carries a Zacks Rank #2 (Buy).
Apollo Endosurgery has a long-term earnings growth rate of 7%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 25.6%, on average.
Apollo Endosurgery has outperformed its industry over the past year. APEN has gained 118.4% versus the 9.5% industry growth.
McKesson has a long-term earnings growth rate of 9%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 19.9%, on average.
McKesson has outperformed its industry over the past year. MCK has gained 41% versus the 14.1% industry rise.
West Pharmaceutical has a long-term earnings growth rate of 27.6%. The company surpassed earnings estimates in the trailing four quarters, delivering an average surprise of 29.4%.
West Pharmaceutical has outperformed its industry over the past year. WST has rallied 62.5% versus the industry’s 14% rise.
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Thermo Fisher (TMO) Releases New Update for Omicron Detection
Thermo Fisher Scientific Inc.’s (TMO - Free Report) Applied Biosystems TaqMan SARS-CoV-2 Mutation Panel has been recently updated to detect the Omicron SARS-CoV-2 variant directly. The Omicron variant was initially identified in November 2021 by South African researchers. Since its discovery, this novel SARS-CoV-2 variant has been detected in dozens of countries.
The discovery of the Omicron variant has inspired more research into the variant's potential for greater transmissibility or its ability to undermine vaccine protection. The new assays were created two weeks after the Omicron was designated as a variant of concern by the World Health Organization, allowing public health laboratories to adapt their surveillance testing programs quickly.
Per Thermo Fisher management, the emergence of the Omicron variant has reinforced the importance of continued surveillance testing. The TaqMan Mutation Panel can be easily adjusted to test for such emerging variants, enabling laboratories to conduct large-scale surveillance testing at this stage of the pandemic. This will help public health agencies to keep track of the Omicron variant and evaluate whether countermeasures are required to curb its spread.
Few Words on TaqMan SARS-CoV-2 Mutation Panel
The TaqMan SARS-CoV-2 Mutation Panel features a customizable menu of real-polymerase chain reaction (PCR) genotyping assays to detect known SARS-COV-2 variants in slightly over an hour accurately. This panel works with real-time PCR instruments commonly used in laboratories worldwide. Notably, laboratories can develop their panel by selecting from a menu of more than 50 known mutations of SARS-CoV-2, which is highly scalable, running up to several hundred samples to monitor for one or many mutations simultaneously. This allows laboratories to be more adaptable in response to local testing needs.
Industry Prospects
Per a report by Fortune Business Insights published in GlobeNewswire, the global COVID-19 diagnostics market is expected to see a CAGR of 7.9% from 2020 to 2027. The uncontrolled spread of coronavirus and several efforts undertaken by medical and regulatory bodies to encourage innovation and accelerate research in the development of coronavirus detection tools are projected to drive market growth.
Given the market prospects, the latest update to Thermo Fisher’s TaqMan SARS-CoV-2 Mutation Panel to enable direct detection of the Omicron SARS-CoV-2 variant seems well-timed.
Notable Developments
Thermo Fisher has engaged in a number of significant developments in December 2021.
The company gained premarket approval from the FDA for its Oncomine Dx Target Test as a companion diagnostic (CDx) to help identify non-small cell lung cancer (NSCLC) patients with epidermal growth factor receptor (EGFR) Exon20-insertion mutations, who might benefit from treatment with Janssen Biotech’ Inc.'s targeted therapy RYBREVANT (amivantamab-vmjw). This authorization marks the second time Oncomine Dx Target Test has been approved as a CDx for EGFR Exon20 insertion mutant patients.
The company completed its $17.4-billion acquisition of PPD, Inc., a renowned global contract research organization (CRO) providing clinical research services to the biopharma and biotech industry. PPD will be integrated into Thermo Fisher's Laboratory Products and Services segment. This buyout will expand Thermo Fishers’ global reach in the attractive, high-growth clinical research services industry.
Share Price Performance
The stock has outperformed its industry over the past year. It has rallied 42% compared to the industry’s growth of 9.5%.
Zacks Rank and Other Key Picks
Currently, Thermo Fisher carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the broader medical space are Apollo Endosurgery, Inc. , McKesson Corporation (MCK - Free Report) and West Pharmaceutical Services, Inc. (WST - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apollo Endosurgery has a long-term earnings growth rate of 7%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 25.6%, on average.
Apollo Endosurgery has outperformed its industry over the past year. APEN has gained 118.4% versus the 9.5% industry growth.
McKesson has a long-term earnings growth rate of 9%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 19.9%, on average.
McKesson has outperformed its industry over the past year. MCK has gained 41% versus the 14.1% industry rise.
West Pharmaceutical has a long-term earnings growth rate of 27.6%. The company surpassed earnings estimates in the trailing four quarters, delivering an average surprise of 29.4%.
West Pharmaceutical has outperformed its industry over the past year. WST has rallied 62.5% versus the industry’s 14% rise.