Biocept Inc (NASDAQ:BIOC), a molecular diagnostics company commercializing and developing assays for liquid biopsies to improve the detection and treatment of cancer, announces additional agreements with preferred provider organizations (PPOs). Stratose, Inc. and Galaxy Health Network (GHN) members will now have network access to Biocept’s proprietary non-invasive liquid biopsy testing. With these new agreements, which cover over 12 million members, approximately 31 million Americans have coverage for Biocept’s blood-based liquid biopsy testing through their healthcare plans.
Stratose maintains one of the largest directly managed PPO networks in the U.S., including more than 850,000 direct and affiliate medical, dental and workers’ compensation provider contracts.
GHN includes a network of more than 400,000 directly contracted physicians, facilities and hospitals.
“The healthcare community recognizes the importance of determining molecular biomarker status in making treatment decisions for cancer patients,” said Michael Nall, President and CEO of Biocept. “Our Target SelectorTM assays, which are available today, utilize a blood sample to provide biomarker analysis to physicians when tissue biopsies are inadequate or when the risk to the patient is too great to attempt a surgical procedure. We are pleased to partner with managed care organizations such as Stratose and Galaxy in order to expand access to our liquid biopsy assays.”
Biocept offers clinically valuable molecular analysis from a non-invasive blood sample, known as a liquid biopsy, to aid physicians when they are making decisions about treatment for a wide number of recurrent and metastatic cancers. Biocept’s blood based-tests are also used by physicians for non-invasive monitoring of the biomarker status of cancer patients. Biocept now offers blood based biomarker analysis for multiple important biomarkers including Her2, ER, ALK, FGFR1, Met, EGFR, KRAS and BRAF, which are important in treatment decisions for patients with lung, breast, colorectal and melanoma.
Amy McNeal, Biocept’s Senior Director of Strategic Reimbursement, stated, “Biocept’s liquid biopsy testing is changing the way physicians evaluate tumor status and monitor both response and resistance to treatment. We are offering patients and their physicians a solution for the previously unmet medical need for when tissue biopsy is not an option and therefore, important treatment information was not possible.” (Original Source)
Shares of Biocept closed last Friday at $2.24. BIOC has a 1-year high of $4.91 and a 1-year low of $1.09. The stock’s 50-day moving average is $2.11 and its 200-day moving average is $2.63.
On the ratings front, H.C. Wainwright analyst Yi Chen initiated coverage with a Buy rating on BIOC and a price target of $4, in a report issued on August 19. The current price target represents a potential upside of 78.6% from where the stock is currently trading. According to TipRanks.com, Chen has a total average return of -8.2%, a 42.9% success rate, and is ranked #3249 out of 3755 analysts.
Biocept Inc is acancer diagnostics company that develops and commercializes proprietary circulating tumor cell, or CTC, and circulating tumor DNA, or ctDNA, tests utilizing a standard blood sample or liquid biopsy.