Laboratory Corporation Of America Holdings (LH) teamed up with OmniSeq to launch OmniSeq INSIGHT, a next-generation sequencing test designed to advance precision oncology and improve patient outcomes.
Shares of the leading global life sciences company that operates one of the largest clinical laboratory networks in the world have jumped 52.4% over the past year. (See LH stock analysis on TipRanks)
The new test is a solid tumor test and will provide evidence-based, personalized treatment recommendations based on the genomic biomarkers of a patient’s tumor.
The collaboration with OmniSeq will enhance oncology care for patients, making the best use of Labcorp’s extensive footprint and oncology experience. Furthermore, the test will be available across the globe to biopharmaceutical customers for use in their clinical trials.
Prasanth Reddy, M.D., MPH, SVP, and oncology head at Labcorp, commented, “There continues to be significant advancements in the oncology space, including the identification of new biomarkers and therapies at an unprecedented pace. This new test provides up-to-date, evidence-based treatment recommendations and incorporates current guidelines into a report that is easy to interpret, allowing clinicians to make the best treatment choices for their patients, including potential clinical trials.”
Argus Research analyst Jasper Hellweg recently increased the price target from $270 to $295 (13.5% upside potential) and reiterated a Buy rating on the stock.
Hellweg believes the current stock valuations are attractive, trading below its 5-year average P/E multiples. He said that the company performed well during the pandemic with the return to growth in its core business as more vaccinations occur.
Overall, the stock has a Strong Buy consensus rating based on 8 unanimous Buys. The LH average analyst price target of $310.38 implies 19.46% upside potential from current levels.
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