Biocept Inc (NASDAQ:BIOC), a molecular diagnostics company commercializing and developing liquid biopsies to improve the detection and treatment of cancer, announces that it has entered into an agreement with MultiPlan, Inc. for participation in its national primary PPO, the PHCS Network, and its complementary network, the MultiPlan Network, effective August 1, 2015. MultiPlan is a national provider of healthcare cost management solutions with nearly 900,000 healthcare providers under contract, approximately 68 million healthcare consumers accessing its networks, and approximately 40 million claims processed each year. With the agreement, Biocept’s liquid biopsy diagnostic services will be available to consumers who access MultiPlan’s networks.
“Our ability to gain agreements with companies such as MultiPlan serves as growing evidence that the healthcare community is recognizing the important role liquid biopsy can play in the treatment of patients with cancer,” said Biocept’s President and Chief Executive Officer, Michael Nall. “Surgical tissue biopsies are not always possible for cancer patients who may be too sick for invasive procedures and are impractical when monitoring for disease progression or recurrence. In addition, often when a biopsy is performed, the amount of tissue gained from the procedure is inadequate to perform the genomic testing the patient needs in order to qualify for a targeted therapy. Our blood-based assays provide comparable results at a lower cost.”
“We are excited about becoming a participating provider with MultiPlan, which significantly increases access for our liquid biopsy assays and services to patients with cancer,” said Amy McNeal, Biocept’s Senior Director of Reimbursement. “MultiPlan is a leader in providing innovative payment solutions for both the payor and the provider community.” (Original Source)
Shares of Biocept closed last Friday at $2.68. BIOC has a 1-year high of $4.91 and a 1-year low of $1.09. The stock’s 50-day moving average is $2.13 and its 200-day moving average is $2.57.
On the ratings front, H.C. Wainwright analyst Yi Chen initiated coverage with a Buy rating on BIOC and a price target of $4, in a report issued on August 19. The current price target implies an upside of 49.3% from current levels. According to TipRanks.com, Chen has a total average return of -13.7%, a 28.6% success rate, and is ranked #3438 out of 3759 analysts.
Biocept Inc is acancer 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.