Yesterday, Biocept Inc (NASDAQ:BIOC) announced news of solidifying a new agreement with Teneovita Medical Innovations for a full distribution range of liquid biopsy testing services to major cancer hospitals, individual oncology practices, as well as integrative oncology centers in Canada.

Rodman & Renshaw analyst Ram Selvaraju praises the biotech firm’s fourth international market expansion outside the U.S., on the heels of expansions in Israel, Mexico, and the Philippines. As such, Selvaraju reiterates a Buy rating on shares of BIOC with a $2.50 price target, which represents a nearly 339% increase from where the stock is currently trading.

“In view of the liquid biopsy’s unique advantage of avoiding invasive tissue biopsy and providing actionable information for treatment decision and patient monitoring, we expect the market expansion in Canada to provide meaningful upside to the company’s billable cases and topline revenue in the coming quarters,” he contends.

Additionally, the analyst points to the launch of BIOC’s PD-L1 protein expression test in June, notable as the first commercial CLIA-validated, blood-based test for detecting PD-L1 expression. Assessing a patient’s PD-L1 status is essential to qualify for treatment with particular immuno-oncology therapeutics, as patients expressing that specific protein prove a greater likelihood to respond to anti-PD-L1 treatment. Therefore, it is not a surprise to Selvaraju that the reception of this test among physicians has proved to be overwhelmingly positive, with quite a “robust” adoption.

Selvaraju concludes, “We note that immunotherapy is among the most promising strategies being developed in oncology. We expect the PD-L1 test to continue to drive test demand among patients that may benefit from anti-PD-L1 therapies, together with the company’s other lung cancer biomarkers for targeted therapies such as Tagrisso™ (osimertinib) for EGFR T790M mutation-positive NSCLC.”

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, three-star Ram Selvaraju is ranked #1,859 out of 4,129 analysts. Selvaraju has a 44% success rate and gains 0.7% in his yearly returns. However, when recommending BIOC, Selvaraju faces a loss of 42.5% in average profits on the stock.

TipRanks analytics demonstrate BIOC as a Buy. Based on 3 analysts polled in the last 3 months, 2 rate a Buy on BIOC, while 1 maintains a Hold. The consensus price target stands at $1.50, marking a 163% upside from where the shares last closed.Screen Shot 08-31-16 at 09.55 PM