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Walgreens Boots (WBA) Aids Freenome in Early Cancer Detection
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Walgreens Boots Alliance (WBA - Free Report) recently announced a multi-year agreement with the biotech company, Freenome. The collaboration will advance the clinical studies of Freenome’s blood-based tests for the early detection of cancer.
The latest development underpins Walgreens’ goal to put clinical research as a viable care option in every community it serves. The company will combine its national footprint, patient insights, compliant recruitment technology and local infrastructure to engage diverse patient populations in Freenome’s multi-cancer research program.
Significance of the Deal
The Sanderson Study is part of Freenome’s multi-cancer research program focused on developing next-generation blood tests to detect cancer at the earliest, most treatable stage. The study will enroll approximately 8,000 participants through its clinical study partner network, which includes Walgreens.
Image Source: Zacks Investment Research
By teaming up with the technology provider, Curebase, Walgreens will initially recruit patients across diverse populations for the Sanderson study. The company will deliver targeted outreach to potentially eligible patients and caregivers of all backgrounds via texts, emails or in-person consultations at the pharmacy.
After the pre-screening, eligible patients will be invited to enroll in the study. Walgreens’ healthcare providers will perform a single blood draw at one of the company’s clinical trial locations and conduct a telehealth patient follow-up a year after participation.
More on the News
The Walgreens-Freenome collaboration aligns with the National Cancer Plan’s goals of detecting cancer early and eliminating inequities. Clinical trials across diverse communities are critical to improving health outcomes, particularly in cancer research.
The companies will also together to build risk-prediction models and population health software. The aim is to help close existing care gaps and identify people who are eligible and stand to benefit from standard-of-care cancer detection testing.
Industry Prospects
Per a Research report, the global oncology blood testing market was valued at $3.85 billion in 2022 and is expected to witness a CAGR of 15.2% by 2032.
Recent Developments
Earlier in April 2023, Walgreens and Prothena announced a collaboration to accelerate patient identification and recruitment for Prothena’s ongoing ASCENT-2 multiple ascending dose clinical trial. The trial evaluates the safety and tolerability of PRX012, a potential best-in-class anti-amyloid beta antibody under development for the treatment of Alzheimer’s disease.
The same month, the U.S Healthcare segment of Walgreens and VillageMD announced the expansion of Village Medical at Walgreens into Colorado, with three new primary care practices — two in Fort Collins and a third in Longmont.
Price Performance
In the past six months, WBA shares have decreased 15.7% compared with the industry’s fall of 26.9%.
Zacks Rank and Key Picks
Walgreens currently carries a Zacks Rank #3 (Hold).
Penumbra’s stock has risen 181.6% in the past year. The Zacks Consensus Estimate for Penumbra’s earnings per share (EPS) has remained constant at $1.56 for 2023 and $2.56 for 2024 in the past 30 days.
PEN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 109.42%. In the last reported quarter, the company registered an earnings surprise of 109.09%.
The Zacks Consensus Estimate for Lantheus’ 2023 EPS has remained constant at $5.60 in the past 30 days. Shares of the company have improved 47.9% in the past year against the industry’s 19.5% decline.
LNTH’s earnings beat estimates in each of the trailing four quarters, the average surprise being 25.77%. In the last reported quarter, the company recorded an earnings surprise of 13.95%.
Estimates for Haemonetics’ EPS have increased from $3.43 to $3.55 for 2023 in the past 30 days. Shares of the company have increased 37.3% in the past year against the industry’s 19.5% decline.
HAE’s earnings beat estimates in each of the trailing four quarters, the average surprise being 12.21%. In the last reported quarter, Haemonetics delivered an earnings surprise of 13.24%.
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Walgreens Boots (WBA) Aids Freenome in Early Cancer Detection
Walgreens Boots Alliance (WBA - Free Report) recently announced a multi-year agreement with the biotech company, Freenome. The collaboration will advance the clinical studies of Freenome’s blood-based tests for the early detection of cancer.
The latest development underpins Walgreens’ goal to put clinical research as a viable care option in every community it serves. The company will combine its national footprint, patient insights, compliant recruitment technology and local infrastructure to engage diverse patient populations in Freenome’s multi-cancer research program.
Significance of the Deal
The Sanderson Study is part of Freenome’s multi-cancer research program focused on developing next-generation blood tests to detect cancer at the earliest, most treatable stage. The study will enroll approximately 8,000 participants through its clinical study partner network, which includes Walgreens.
Image Source: Zacks Investment Research
By teaming up with the technology provider, Curebase, Walgreens will initially recruit patients across diverse populations for the Sanderson study. The company will deliver targeted outreach to potentially eligible patients and caregivers of all backgrounds via texts, emails or in-person consultations at the pharmacy.
After the pre-screening, eligible patients will be invited to enroll in the study. Walgreens’ healthcare providers will perform a single blood draw at one of the company’s clinical trial locations and conduct a telehealth patient follow-up a year after participation.
More on the News
The Walgreens-Freenome collaboration aligns with the National Cancer Plan’s goals of detecting cancer early and eliminating inequities. Clinical trials across diverse communities are critical to improving health outcomes, particularly in cancer research.
The companies will also together to build risk-prediction models and population health software. The aim is to help close existing care gaps and identify people who are eligible and stand to benefit from standard-of-care cancer detection testing.
Industry Prospects
Per a Research report, the global oncology blood testing market was valued at $3.85 billion in 2022 and is expected to witness a CAGR of 15.2% by 2032.
Recent Developments
Earlier in April 2023, Walgreens and Prothena announced a collaboration to accelerate patient identification and recruitment for Prothena’s ongoing ASCENT-2 multiple ascending dose clinical trial. The trial evaluates the safety and tolerability of PRX012, a potential best-in-class anti-amyloid beta antibody under development for the treatment of Alzheimer’s disease.
The same month, the U.S Healthcare segment of Walgreens and VillageMD announced the expansion of Village Medical at Walgreens into Colorado, with three new primary care practices — two in Fort Collins and a third in Longmont.
Price Performance
In the past six months, WBA shares have decreased 15.7% compared with the industry’s fall of 26.9%.
Zacks Rank and Key Picks
Walgreens currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the overall healthcare sector are Penumbra (PEN - Free Report) , Lantheus (LNTH - Free Report) and Haemonetics (HAE - Free Report) . While Penumbra and Lantheus each sport a Zacks Rank #1 (Strong Buy), Haemonetics carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Penumbra’s stock has risen 181.6% in the past year. The Zacks Consensus Estimate for Penumbra’s earnings per share (EPS) has remained constant at $1.56 for 2023 and $2.56 for 2024 in the past 30 days.
PEN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 109.42%. In the last reported quarter, the company registered an earnings surprise of 109.09%.
The Zacks Consensus Estimate for Lantheus’ 2023 EPS has remained constant at $5.60 in the past 30 days. Shares of the company have improved 47.9% in the past year against the industry’s 19.5% decline.
LNTH’s earnings beat estimates in each of the trailing four quarters, the average surprise being 25.77%. In the last reported quarter, the company recorded an earnings surprise of 13.95%.
Estimates for Haemonetics’ EPS have increased from $3.43 to $3.55 for 2023 in the past 30 days. Shares of the company have increased 37.3% in the past year against the industry’s 19.5% decline.
HAE’s earnings beat estimates in each of the trailing four quarters, the average surprise being 12.21%. In the last reported quarter, Haemonetics delivered an earnings surprise of 13.24%.