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QIAGEN (QGEN) to Develop CDx Test for TIBSOVO With New Pact
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QIAGEN N.V.(QGEN - Free Report) recently announced that it has entered into a strategic partnership with Servier. The agreement is intended to develop a companion diagnostic test for TIBSOVO — an isocitrate dehydrogenase-1 or IDH1 inhibitor indicated for treating the blood cancer acute myeloid leukemia or AML.
For investors’ note, QIAGEN has master collaboration deals to develop and commercialize companion diagnostics with over 30 global companies. QIAGEN has 11 PCR-based companion-diagnostics tests that have been approved by the FDA. Furthermore, the company announced partnerships with Neuron23 and Helix to develop companion diagnostics in disease areas outside oncology.
The recent development is likely to fortify QIAGEN’s Precision Diagnostics business.
More on Partnership
Under the master collaboration deal, QIAGEN will develop and validate a real-time in vitro PCR test that can be utilized to spot IDH1 gene mutations in AML patients in whole blood and bone marrow aspirates.
The company noted that the companion diagnostic would run on the QIAGEN Rotor-Gene Q MDx device, widely used by labs worldwide. QIAGEN's regulatory teams will aid clinical validation of the companion diagnostic and its approval in the United States, the European Union and Japan.
Strategic Efforts
Patients with AML may deteriorate quickly if not treated early and QIAGEN is supporting Servier with a companion diagnostic in their goal to introduce innovative treatment for IDH1 mutated AML patients. At the same time, QIAGEN is fortifying its role in developing companion diagnostics for the ever-growing number of biomarkers discovered in onco-hematology.
Image Source: Zacks Investment Research
It is worth mentioning that AML is a hard-to-treat cancer of the blood and bone marrow and is one of the most common types of leukemia in adults. With the latest partnership, QIAGEN will be able to expand the global access for TIBSOVO for patients with its global footprint in oncology-driven diagnostics and proven expertise in companion diagnostics development and approvals.
Industry Prospects
Per a report by BCC Research, the global market for companion diagnostics (CDx) was $5.4 billion in 2021 and is expected to reach $10.7 billion by 2026, at a CAGR of 14.6%. The rising prevalence of chronic diseases has increased the market adoption of companion diagnostics. Furthermore, increasing healthcare expenditure with the rise in the standard of living and availability of technology coupled with demand for precision medicine is expected to fuel the market further.
Recent Development
In January 2023, QIAGEN’s bioinformatics business, QIAGEN Digital Insights, announced its enhanced QIAGEN CLC Genomics Workbench Premium that removes the data-analysis bottleneck of next-generation sequencing (NGS) by adding innovative analysis speed to analyze and interpret whole genome sequencing, whole exome sequencing and large panel sequencing data.
The same month, QIAGEN completed the acquisition of Verogen, a renowned name in the use of NGS technologies to drive the future of human identification and forensic investigation.
Price Performance
Shares of the company have gained 4.2% in a year against the industry’s fall of 9.6%.
Zacks Rank and Key Picks
Currently, QIAGEN carries a Zacks Rank #3 (Hold).
Some better top-ranked stocks in the overall healthcare sector include Haemonetics Corporation (HAE - Free Report) , TerrAscend Corp. and Akerna Corp. . Haemonetics and TerrAscend sport a Zacks Rank #1 (Strong Buy), while Akerna carries a Zack Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Haemonetics’ stock has risen 42.1% in the past year. Earnings Estimates for Haemonetics have increased from $2.87 per share to 2.91 for 2023, and from $3.02 per share to $3.28 for 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the last four quarters, delivering an average surprise of 10.98%. In the last reported quarter, it reported an earnings surprise of 7.59%.
Estimates for TerrAscend in 2023 have remained constant at a loss of 10 cents per share in the past 30 days. Shares of TerrAscend have declined 70.6% in the past year.
TerrAscend’s earnings beat estimates in one of the last three quarters and missed the mark in the other two, the average negative surprise being 136.11%. In the last reported quarter, TRSSF delivered an earnings surprise of 216.67%.
Akerna’s stock declined 95.7% in the past year. Its estimates for 2023 have remained constant at a loss of $1.91 per share over the past 30 days.
Akerna missed earnings estimates in each of the last four quarters, reporting a negative earnings surprise of 15.49%, on average. In the last reported quarter, KERN delivered a negative earnings surprise of 13.33%.
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QIAGEN (QGEN) to Develop CDx Test for TIBSOVO With New Pact
QIAGEN N.V.(QGEN - Free Report) recently announced that it has entered into a strategic partnership with Servier. The agreement is intended to develop a companion diagnostic test for TIBSOVO — an isocitrate dehydrogenase-1 or IDH1 inhibitor indicated for treating the blood cancer acute myeloid leukemia or AML.
For investors’ note, QIAGEN has master collaboration deals to develop and commercialize companion diagnostics with over 30 global companies. QIAGEN has 11 PCR-based companion-diagnostics tests that have been approved by the FDA. Furthermore, the company announced partnerships with Neuron23 and Helix to develop companion diagnostics in disease areas outside oncology.
The recent development is likely to fortify QIAGEN’s Precision Diagnostics business.
More on Partnership
Under the master collaboration deal, QIAGEN will develop and validate a real-time in vitro PCR test that can be utilized to spot IDH1 gene mutations in AML patients in whole blood and bone marrow aspirates.
The company noted that the companion diagnostic would run on the QIAGEN Rotor-Gene Q MDx device, widely used by labs worldwide. QIAGEN's regulatory teams will aid clinical validation of the companion diagnostic and its approval in the United States, the European Union and Japan.
Strategic Efforts
Patients with AML may deteriorate quickly if not treated early and QIAGEN is supporting Servier with a companion diagnostic in their goal to introduce innovative treatment for IDH1 mutated AML patients. At the same time, QIAGEN is fortifying its role in developing companion diagnostics for the ever-growing number of biomarkers discovered in onco-hematology.
It is worth mentioning that AML is a hard-to-treat cancer of the blood and bone marrow and is one of the most common types of leukemia in adults. With the latest partnership, QIAGEN will be able to expand the global access for TIBSOVO for patients with its global footprint in oncology-driven diagnostics and proven expertise in companion diagnostics development and approvals.
Industry Prospects
Per a report by BCC Research, the global market for companion diagnostics (CDx) was $5.4 billion in 2021 and is expected to reach $10.7 billion by 2026, at a CAGR of 14.6%. The rising prevalence of chronic diseases has increased the market adoption of companion diagnostics. Furthermore, increasing healthcare expenditure with the rise in the standard of living and availability of technology coupled with demand for precision medicine is expected to fuel the market further.
Recent Development
In January 2023, QIAGEN’s bioinformatics business, QIAGEN Digital Insights, announced its enhanced QIAGEN CLC Genomics Workbench Premium that removes the data-analysis bottleneck of next-generation sequencing (NGS) by adding innovative analysis speed to analyze and interpret whole genome sequencing, whole exome sequencing and large panel sequencing data.
The same month, QIAGEN completed the acquisition of Verogen, a renowned name in the use of NGS technologies to drive the future of human identification and forensic investigation.
Price Performance
Shares of the company have gained 4.2% in a year against the industry’s fall of 9.6%.
Zacks Rank and Key Picks
Currently, QIAGEN carries a Zacks Rank #3 (Hold).
Some better top-ranked stocks in the overall healthcare sector include Haemonetics Corporation (HAE - Free Report) , TerrAscend Corp. and Akerna Corp. . Haemonetics and TerrAscend sport a Zacks Rank #1 (Strong Buy), while Akerna carries a Zack Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Haemonetics’ stock has risen 42.1% in the past year. Earnings Estimates for Haemonetics have increased from $2.87 per share to 2.91 for 2023, and from $3.02 per share to $3.28 for 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the last four quarters, delivering an average surprise of 10.98%. In the last reported quarter, it reported an earnings surprise of 7.59%.
Estimates for TerrAscend in 2023 have remained constant at a loss of 10 cents per share in the past 30 days. Shares of TerrAscend have declined 70.6% in the past year.
TerrAscend’s earnings beat estimates in one of the last three quarters and missed the mark in the other two, the average negative surprise being 136.11%. In the last reported quarter, TRSSF delivered an earnings surprise of 216.67%.
Akerna’s stock declined 95.7% in the past year. Its estimates for 2023 have remained constant at a loss of $1.91 per share over the past 30 days.
Akerna missed earnings estimates in each of the last four quarters, reporting a negative earnings surprise of 15.49%, on average. In the last reported quarter, KERN delivered a negative earnings surprise of 13.33%.