General Electric Company (NYSE: GE) Healthcare’s Life Sciences business announced today that it has acquired the exclusive rights from Rapidscan Pharma Solutions to produce and sell the pharmacological stress agent Rapiscan (Regadenoson) in territories outside the USA, Canada and Mexico. GE Healthcare’s strong industry presence and existing customer and supply chain network will help bring improved access to Rapiscan, offering an alternative screening method for patients who are unable to undergo traditional cardiac stress imaging procedures.
Rapiscan is a USA Food and Drug Administration (FDA) and European Medicines Agency (EMA) approved selective coronary vasodilator, used as a pharmacological stress agent for radionuclide myocardial perfusion imaging (MPI) in adult patients. It is used in the diagnosis of coronary artery disease (CAD), the most common type of cardiovascular disease, accounting for over 680,000 deaths in Europe alone.
While MPIs are most commonly performed after a patient has exercised, some patients at risk of CAD cannot exercise due to various conditions such as asthma and chronic obstructive pulmonary disease. Rapiscan reduces the risks of MPI tests for these patients by stimulating a patient’s heart to bring on the effects of exercise.
Emmanuel Ligner, General Manager of Core Imaging for GE Healthcare’s Life Sciences business, said: “Rapiscan is a perfect fit for our current cardiac imaging agent portfolio, as it enables access to a critical diagnostic test to a large, under-served population of patients at risk of coronary artery disease. As Rapiscan is a market leader in Germany and Austria but largely unavailable in many other regions, we will use GE Healthcare’s industry scale to drive improved access to this diagnostic tool for patients worldwide.”
GE Healthcare already distributes Rapiscan in the UK and Germany and will maintain existing supplier and distributor networks created by Rapidscan Pharma Solutions to expand its global reach. Its commercial rights will complement Astellas’ commercial distribution of Regadenoson in the US, Canada, and Mexico. (Original Source)
Shares of General Electric are currently rising 0.35% to $31.71, or up $0.11 in pre-market trading Tuesday. GE has a 1-year high of $33 and a 1-year low of $27.10. The stock’s 50-day moving average is $31.40 and its 200-day moving average is $30.71.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on December 20, RBC analyst Deane Dray reiterated a Buy rating on GE, with a price target of $37, which implies an upside of 17% from current levels. Separately, on December 19, Oppenheimer’s Christopher Glynn reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Deane Dray and Christopher Glynn have a yearly average return of 1.5% and 15.2% respectively. Dray has a success rate of 54% and is ranked #1305 out of 4345 analysts, while Glynn has a success rate of 75% and is ranked #12.
Overall, one research analyst has rated the stock with a Sell rating, 2 research analysts have assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $36.00 which is 13.9% above where the stock closed last Friday.