Here’s Why Biocept (BIOC) Stock Skyrocketed 80% Today
It’s a very rewarding trading day for investors in Biocept (BIOC) with shares up nearly 80%, making the stock Wall Street’s bull of the day. Why the excitement? The liquid biopsy test maker is entering into a new promising agreement with Prognos, a company that uses artificial intelligence to predict diseases.
Biocept, which provides liquid biopsy tests to help improve the outcomes of patients with cancer, will be supplying de-identified data from its liquid biopsy testing to Prognos in order to help pharmaceutical clients ensure patients get the right therapies and medications. Prognos’ use of artificial intelligence will be a driving force in that process. Biocept plans to use Prognos’ proprietary Opal de-identification software to collect and transmit the data to Prognos, which currently has over 20 billion medical records for 185 million patients. Biocept’s liquid biopsy captures and analyzes tumor-associated molecular markers in circulating tumor cells (CTCs) and in plasma (ctDNA).
“We are extremely pleased to be working with Biocept to harness the data generated by its Target Selector testing platform,” Sundeep Bhan, Co-founder and CEO of Prognos said. “The number of biomarker targeted therapies in oncology is growing at a significant rate and new technologies like liquid biopsy offer significant potential to improve cancer care. There is strong demand for clinical information that elucidates the capabilities of this innovative technology in the healthcare market. Our partnership with Biocept will further enable our growing list of top life sciences clients to find and convert appropriate patients to the right therapies.”
“With over 16,000 patient samples and more than 60,000 total Target Selector™ tests performed, we are positioned to continue generating important clinical data that, once de-identified and aggregated, can be valuable to the scientific, medical and healthcare delivery communities,” said Michael Nall, President and CEO of Biocept. “We are looking forward to working with Prognos to leverage the data produced by our molecular diagnostic platform and the ability to generate additional revenue for our business.”