Biocept Inc (NASDAQ:BIOC) investors celebrate a 60% gain in the stock after the molecular diagnostics company announced that it has secured an in-network provider agreement with Blue Cross Blue Shield of Texas (BCBSTX), the largest provider of health benefits in that state.
“Determining the molecular status of a tumor can help physicians individualize treatment for their patients and our highly sensitive Target Selector™ platform can provide this important information from a simple blood sample,” said Biocept’s Senior Vice President and Senior Medical Director Veena Singh, MD. “Our liquid biopsy testing is changing the way physicians evaluate tumor status and monitor both response and resistance to treatment.”
“It is gratifying that health plans are seeing the value of our liquid biopsy approach for profiling and monitoring important cancer biomarkers,” said Michael Nall, President and Chief Executive Officer of Biocept. “Partnering with health insurers is a major focus of our business strategy, as it may increase physician access to this non-invasive technology for their patients and provide timely adjudication of claims for patients. Securing this in-network agreement is an important milestone for Biocept, as Texas is one of our largest markets and BCBSTX is the largest provider in that state. With this agreement, the number of patients with in-network access to our tests has grown to approximately 185 million, with some members having access via multiple plans.”
On the ratings front, Biocept has been the subject of a number of recent research reports. In a report issued on November 10, Feltl analyst Ben Haynor upgraded BIOC to Buy, with a price target of $1.55, which implies an upside of 50% from current levels. Separately, on the same day, Roth Capital’s Chris Lewis reiterated a Buy rating on the stock and has a price target of $1.60.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ben Haynor and Chris Lewis have a yearly average loss of 1.7% and a return of 3.7% respectively. Haynor has a success rate of 42% and is ranked #3290 out of 4347 analysts, while Lewis has a success rate of 53% and is ranked #1042.
Biocept, Inc. is an oncology laboratory service company, which focuses on the development and marketing of novel laboratory products in the detection of rare cells to include circulating tumor cells. It develops and commercializes proprietary circulating tumor cell and circulating tumor DNA tests utilizing a standard blood sample. The company utilizes cell enrichment and extraction technology for the detection and analysis of circulating tumor DNA tests. It also offers services to other laboratory testing providers, academic institutions, research organizations, biopharmaceutical companies and clinical trial support.