HTG Molecular Diagnostics Inc (NASDAQ:HTGM) investors cheer the news that the tumor profiling firm has entered a broad companion diagnostics master agreement with Merck KGaA. The initial development program agreement utilizes the HTG EdgeSeq DLBCL Cell of Origin Assay in the Merck KGaA, Darmstadt, Germany, M7583, selective and irreversible inhibitor of Bruton’s Tyrosine Kinase (BTK), program.
HTGM shares reacted to the news, skyrocketing nearly 50% to $3.39 in Wednesday’s trading session.
“We are honored to be chosen as the diagnostic development partner for Merck KGaA’s BTK program and our team is now focused on the near-term milestones. Additionally, having a master companion diagnostic agreement paves the way for additional development collaborations,” stated TJ Johnson, HTG’s President and CEO. “We have worked very hard to establish the organizational capabilities to support the development, regulatory filing and commercialization of companion diagnostics demonstrated by the recent CE/IVD marking of HTG’s DLBCL cell of origin assay,” added Mr. Johnson. (Original Source)
On the ratings front, HTG Molecular Diagnostics has been the subject of a number of recent research reports. In a report issued on August 28, Canaccord analyst Mark Massaro reiterated a Buy rating on HTGM, with a price target of $5.50, which represents a potential upside of 116% from where the stock is currently trading. Separately, on August 22, H.C. Wainwright’s Ram Selvaraju initiated coverage with a Buy rating on the stock and has a price target of $5.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and Ram Selvaraju have a total average return of -0.8% and 2.3% respectively. Massaro has a success rate of 46% and is ranked #3199 out of 4183 analysts, while Selvaraju has a success rate of 46% and is ranked #1059.
HTG Molecular Diagnostics, Inc. provides molecular technology solutions. It offers products for miRNA, and mRNA measurement for translational research/medicine and molecular diagnostics. Its qNPA molecular technology platform detects changes in gene expression levels; especially from formalin-fixed, paraffin-embedded tissue and other biological sample types. It also offers pharma and diagnostics services.