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Quest Diagnostics (DGX) Partners to Offer New Testing Service
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Quest Diagnostics, Inc. (DGX - Free Report) recently partnered with Coriell Life Sciences to provide select medical plan members with pharmacogenomics testing services. The test indicates how different genes and their variants affect an individual’s reaction to drugs.
Employees at Quest Diagnostics are among the first to gain from recently-developed tests.
The latest launch will expand Quest Diagnostics’ portfolio of testing services, fortifying the Diagnostic Solutions business.
More on New Test
The pharmacogenomics test is a voluntary, no cost DNA-testing programme that uses a saliva collection kit that can be used at home to analyze a person's DNA. The effectiveness of the patient's existing drugs is evaluated in light of the test results. The results are provided in a detailed report that is sent to the patient and recommendations they can discuss with their doctors.
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The test results can improve pharmaceutical effectiveness and safety and also assist in selecting the appropriate drug and dosage. Through testing, each patient receives personalized, actionable clinical recommendations and drug management regimens.
Industry Prospects
Per a report by Data Bridge Market Research, pharmacogenetic testing market, which was $6.15 billion in 2022, is expected to rise to $12 billion by 2030, registering a CAGR of 8.70%. The increasing popularity of precision medicine mainly enhances the pharmacogenomics market. The increasing research and development expenditure on pharmacogenomics technologies contributes to the fast development of novel products. The high prevalence rate of adverse drug reactions also leads to the increasing adoption of pharmacogenomics in the global market.
Recent Developments
In May 2023, Quest Diagnostics announced that the RestoreU Dementia Panel, a risk assessment and care plan service developed by uMETHOD Health, a health technology company specializing in precision medicine for chronic diseases, would be made available nationwide. This would enable doctors to fill in any care gaps for patients with cognitive decline. The RestoreU service makes use of artificial intelligence (AI) created by uMETHOD to build personalised care plans that support cognitive care standards and aid clinicians in providing better patient care.
In April 2023, Quest Diagnostics entered into a definitive agreement to acquire Haystack Oncology in an all-cash equity transaction. Following the completion, Quest Diagnostics plans to use the MRD test created at Haystack as the foundation for new clinical lab services that will be made available starting in 2024. The MRD tests for colorectal, breast, and lung malignancies will be the primary focus of initial development.
In April 2023, Quest Diagnostics completed its previously announced acquisition of select assets of the laboratory services business of NewYork-Presbyterian. The goal of the collaboration is to enable providers and patients to access high quality, affordable testing from a service menu that combines the complementary strengths of both organizations. In addition, patients will benefit from access to Quest Diagnostic's network of nearly 100 patient service centers in the five boroughs.
Price Performance
Shares of the company have gained 7.2% in the past year against the industry’s fall of 1.5%.
Zacks Rank and Key Picks
Quest Diagnostics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are CONMED (CNMD - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
CONMED, carrying a Zacks Rank #2, has an estimated long-term growth rate of 19.4%. The company’s earnings surpassed estimates in two of the trailing four quarters, missed once and met in another, delivering a negative average surprise of 10.54%.
Merit Medical, currently carrying a Zacks Rank #2, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has improved 59.9% compared with the industry’s 22.8% growth in the past year.
Boston Scientific, presently holding a Zacks Rank #2, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed twice, the average surprise being 1.9%.
Boston Scientific has gained 49.7% against the industry’s 19.1% decline in the past year.
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Quest Diagnostics (DGX) Partners to Offer New Testing Service
Quest Diagnostics, Inc. (DGX - Free Report) recently partnered with Coriell Life Sciences to provide select medical plan members with pharmacogenomics testing services. The test indicates how different genes and their variants affect an individual’s reaction to drugs.
Employees at Quest Diagnostics are among the first to gain from recently-developed tests.
The latest launch will expand Quest Diagnostics’ portfolio of testing services, fortifying the Diagnostic Solutions business.
More on New Test
The pharmacogenomics test is a voluntary, no cost DNA-testing programme that uses a saliva collection kit that can be used at home to analyze a person's DNA. The effectiveness of the patient's existing drugs is evaluated in light of the test results. The results are provided in a detailed report that is sent to the patient and recommendations they can discuss with their doctors.
The test results can improve pharmaceutical effectiveness and safety and also assist in selecting the appropriate drug and dosage. Through testing, each patient receives personalized, actionable clinical recommendations and drug management regimens.
Industry Prospects
Per a report by Data Bridge Market Research, pharmacogenetic testing market, which was $6.15 billion in 2022, is expected to rise to $12 billion by 2030, registering a CAGR of 8.70%. The increasing popularity of precision medicine mainly enhances the pharmacogenomics market. The increasing research and development expenditure on pharmacogenomics technologies contributes to the fast development of novel products. The high prevalence rate of adverse drug reactions also leads to the increasing adoption of pharmacogenomics in the global market.
Recent Developments
In May 2023, Quest Diagnostics announced that the RestoreU Dementia Panel, a risk assessment and care plan service developed by uMETHOD Health, a health technology company specializing in precision medicine for chronic diseases, would be made available nationwide. This would enable doctors to fill in any care gaps for patients with cognitive decline. The RestoreU service makes use of artificial intelligence (AI) created by uMETHOD to build personalised care plans that support cognitive care standards and aid clinicians in providing better patient care.
In April 2023, Quest Diagnostics entered into a definitive agreement to acquire Haystack Oncology in an all-cash equity transaction. Following the completion, Quest Diagnostics plans to use the MRD test created at Haystack as the foundation for new clinical lab services that will be made available starting in 2024. The MRD tests for colorectal, breast, and lung malignancies will be the primary focus of initial development.
In April 2023, Quest Diagnostics completed its previously announced acquisition of select assets of the laboratory services business of NewYork-Presbyterian. The goal of the collaboration is to enable providers and patients to access high quality, affordable testing from a service menu that combines the complementary strengths of both organizations. In addition, patients will benefit from access to Quest Diagnostic's network of nearly 100 patient service centers in the five boroughs.
Price Performance
Shares of the company have gained 7.2% in the past year against the industry’s fall of 1.5%.
Zacks Rank and Key Picks
Quest Diagnostics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are CONMED (CNMD - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
CONMED, carrying a Zacks Rank #2, has an estimated long-term growth rate of 19.4%. The company’s earnings surpassed estimates in two of the trailing four quarters, missed once and met in another, delivering a negative average surprise of 10.54%.
CNMD’s shares have risen 52.9% in the past year compared with the industry’s 22.8% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Merit Medical, currently carrying a Zacks Rank #2, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has improved 59.9% compared with the industry’s 22.8% growth in the past year.
Boston Scientific, presently holding a Zacks Rank #2, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed twice, the average surprise being 1.9%.
Boston Scientific has gained 49.7% against the industry’s 19.1% decline in the past year.