Luminex Corporation (LMNX - Free Report) recently submitted an Emergency Use Authorization (EUA) request to the FDA for its xMAP SARS-CoV-2 Multi-Antigen IgG assay. The assay has been created to offer additional capacity to detect antibodies in patients who might have been exposed to or infected by SARS-CoV-2.
Notably, this COVID-19 antibody test can deliver outstanding results for up to 96 samples in under three hours and has been developed to run on all xMAP platforms.
Notably, xMAP technology, which is known for being a well-established platform for multiplex analysis, utilizes a bead-based multiplexing assay approach that helps to rapidly detect and quantify multiple analytes in a single sample.
This development is likely to boost Luminex’s molecular diagnostics platform and strengthen its presence in the global infectious disease diagnostics market.
More on the Antibody Test
The new serology test helps in detection of antibodies of the immunoglobulin class G (IgG) — a crucial component of an adaptive immune response — which typically reflects continued immunity. The assay utilizes multiplexing to simultaneously detect antibodies to three SARS-CoV-2 antigens and comprises multiple internal controls to offer a more extensive and reliable assessment of the immune response compared to other serology assays.
Luminex is expanding COVID-19 testing offerings into serology testing with this first multi-antigen IgG assay. This highlights the company’s focus in taking steps to support laboratories and research institutions that are committed toward meeting the continued high demand for a range of testing solutions.
This IgG serology test marks the first in a series of such tests that Luminex intends to develop internally to cater to the breadth of testing and surveillance needs associated with the COVID-19 pandemic. Notably, the company plans to introduce test for Research Use Only (RUO) later this month.
In April, Luminex announced that it has received EUA from the FDA for its ARIES SARS-CoV-2 Assay that can rapidly detect the virus causing COVID-19. This development is likely to enable hospital professionals to decide the appropriate course of treatment for patients, who might be infected with COVID-19 within about two hours. Notably, the assay runs on the FDA approved ARIES System, which is a sample-to-answer, automated, on-demand molecular diagnostic platform.
In March, the company received EUA from the FDA for its NxTAG CoV Extended Panel that will be used to detect the SARS-CoV-2 virus. Now, high-complexity molecular laboratories can utilize the NxTAG test on Luminex’s easy-to-use, compact MAGPIX System, which will help detect the virus causing COVID-19 for up to 96 patients in about four hours.
Per a report published on Grand View Research, the global molecular diagnostics market was valued at $9.2 billion in 2019 and is expected to reach $18.2 billion by 2027, witnessing a CAGR of 9% between 2020 and 2027. Factors like technological advancements in molecular diagnostics and the rising prevalence of infectious diseases are likely to drive the market.
Hence, the latest development has been a well-timed one for Luminex.
Over the past year, shares of this Zacks Rank #1 (Strong Buy) company have gained 53.8% compared with the industry’s growth of 1.6%.
Other Stocks to Consider
Some other top-ranked stocks from the broader medical space include West Pharmaceutical Services, Inc. (WST - Free Report) , Quest Diagnostics Incorporated (DGX - Free Report) and Laboratory Corporation of America Holdings (LH - Free Report) . While West Pharmaceutical and Quest Diagnostics sport a Zacks Rank #1, Laboratory Corporation carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
West Pharmaceutical has a projected long-term earnings growth rate of 9.2%.
Quest Diagnostics has an estimated long-term earnings growth rate of 7.6%.
Laboratory Corporation has an estimated long-term earnings growth rate of 6.1%.
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