Biocept Inc (NASDAQ:BIOC), a molecular diagnostics company commercializing and developing assays for liquid biopsies to improve the detection and treatment of cancer, announces an agreement with preferred provider organization (PPO) network FedMed. FedMed members now have improved network access to Biocept’s proprietary Target Selector™ liquid biopsy testing.
FedMed was founded in 2000 with corporate headquarters located in Gaithersburg, Maryland. FedMed operates a proprietary PPO consisting of more than 550,000 physicians, 4,000 hospitals and 60,000 ancillary care providers nationwide. More than 40 million Americans currently have access to FedMed’s National Provider Network.
“With the expansion and progress in precision medicine and molecular diagnostic testing, we are pleased to offer Biocept’s liquid biopsy testing to our Payors,” stated Brian Moffitt, Managing Director of FedMed.
“Our highly sensitive and highly specific assays that can profile cancer-associated biomarkers from a blood sample demonstrate a clear advancement in the move to precision medicine,” said Biocept’s President and CEO, Michael W. Nall. “Detecting the presence of these cancer-associated biomarkers can assist and guide physicians in making personalized treatment decisions for their patients with cancer in order to positively impact outcomes.”
“Our Target Selector™ assays may provide biomarker status information that was previously not available due to inadequate tissue samples. These patients are often too sick to obtain the necessary tissue using a surgical biopsy method,” said Amy McNeal, Biocept’s Senior Director of Strategic Reimbursement. “In addition, liquid biopsy testing allows physicians to monitor response to treatment as well as progression of disease from a simple blood draw.”(Original Source)
Shares of Biocept closed yesterday at $1.61, up $0.01 or 0.62%. BIOC has a 1-year high of $4.11 and a 1-year low of $1.05. The stock’s 50-day moving average is $1.38 and its 200-day moving average is $1.83.
On the ratings front, Rodman & Renshaw analyst Yi Chen reiterated a Buy rating on BIOC, with a price target of $4, in a report issued on January 8. The current price target implies an upside of 148.4% from current levels. According to TipRanks.com, Chen has a total average return of -18.4%, a 40.7% success rate, and is ranked #3542 out of 3712 analysts.
Biocept Inc is a cancer 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.