OPKO Health, Inc.’s (OPK - Free Report) subsidiary, BioReference Laboratories, Inc., recently collaborated with MagnaCare — a division of Brighton Health Plans Solutions, LLC — to offer COVID-19 antibody testing to Labor clients in the New York metropolitan area. With this antibody testing, Labor groups in the area will be able to gather information and take decisions regarding back-to-work procedures and safety measures for the protection of workers and the public.
Notably, BioReference Laboratories provides detection, diagnosis, evaluation, monitoring and treatment of diseases. Consequently, the latest move is likely to strengthen OPKO’s presence in theinfectious disease diagnostics market.
Importance of Antibody Testing
OPKO’s BioReference Laboratories has been working closely with New York State and New York City to bring in antibody testing given the widespread COVID-19 outbreak across New York, which made it the epicenter of the outbreak in the United States.
BioReference Laboratories provides a blood test that measures SARS-CoV-2 specific antibody levels to help identify an individual’s immune response after COVID-19 infection.
The primary objective of this collaboration is to provide comfort, safety and confidence to the Labor groups.
On May 8, BioReference Laboratories launched COVID-19 antibody screening for New York City residents in collaboration with New York City Health and Hospital Corporation. At first, testing will be done for 140,000 residents at five locations throughout all five boroughs with more testing sites to open in the next several weeks.
On May 13, BioReference Laboratories introduced the BioReference Employer Solution, which is a COVID-19 screening program that helps employers' decisions about return-to-work policies.
A report by MarketsandMarkets estimates the global infectious disease diagnostics market to reach a worth of $19.35 billion in 2022 witnessing a CAGR of 5.6%.
Shares of this Zacks Rank #2 (Buy) stock gained 38.2% in a year’s time, outperforming the industry’s growth of 7.7%.
Some other top-ranked stocks from the broader medical space include Aphria Inc. (APHA - Free Report) , HMS Holdings Corp. (HMSY - Free Report) and West Pharmaceutical Services, Inc. (WST - Free Report) , each currently carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Aphria has an estimated long-term earnings growth rate of 24.6%.
HMS Holdings has an estimated long-term earnings growth rate of 11%.
West Pharmaceutical has a projected long-term earnings growth rate of 9.2%.
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