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Agilent Technologies A has bolstered presence in the clinical and diagnostic testing market of Europe by expanding the use of its PD-L1 IHC 22C3 pharmDx assay in patients suffering from non-small cell lung cancer (NSCLC) in the European Union.
The assay will enable pathologists in identifying patients in need of treatment with Libtayo, an anti-PD-1 immunotherapy that blocks cancer cells. PD-L1 IHC 22C3 pharmDx is capable of detecting patients suffering from NSCLC with 50% or more Tumor Proportion Score.
The latest move bodes well for the company’s growing efforts toward expanding global footprint.
Further, the move is in sync with Agilent’s strengthening endeavors toward the advancement of Immunohistochemistry-based diagnostics for the treatment of cancer.
Early this year, the company received the U.S. Food and Drug Administration approval for the pharmDx assay.
Further, Sanofi and Regeneron — which developed Libtayo — partnered with Agilent to use its pharmDx assay for evaluating tumor PD-L1 in patients.
Agilent Technologies, Inc. Price and Consensus
Agilent Technologies, Inc. price-consensus-chart | Agilent Technologies, Inc. Quote
Growing Immunohistochemistry Market Prospects
The immunohistochemistry market is growing in recent times due to increasing cases of cancer and geriatric population all across the globe.
Improving healthcare facilities and rising investments in healthcare are some of the key drivers of this market.
Technologically advanced immunohistochemistry solutions, and growing drug discovery as well as development activities for disease diagnosis are also propelling this market.
Further, the involvement of major companies partnering with pharmaceutical drug manufacturers for developing and providing immunohistochemistry companion diagnostic solutions for immunotherapies is driving this market.
Thus, the recent move along with other immunohistochemistry initiatives of Agilent positions it well to capitalize on immense prospects in the immunohistochemistry market.
Per a report by Market Data Forecast, this particular market is expected to hit $1.88 billion in 2021 and reach $2.69 billion by 2026, witnessing a CAGR of 7.4% between 2021 and 2026.
Agilent’s Product Portfolio Strength
Agilent is making strong efforts to expand the product portfolio and provide innovative technology solutions in life sciences, diagnostics, and applied chemical markets.
Last month, the company unveiled three InfinityLab Bio Liquid Chromatography systems, specifically designed to address the requirements of the biopharma industry.
In the same month, it also released a new exome design named SureSelect Human All Exon V8 that delivers extensive and latest coverage of protein coding regions from RefSeq, CCDS and GENCODE in both clinical and translational research.
In mid-March, the company introduced the Agilent 8697 Headspace Sampler with integrated gas chromatography communication in the pharmaceutical space.
Agilent also launched the Agilent Seahorse XF HS Miniplate in February for the Agilent Seahorse XF HS Mini Analyzer to help immunology and disease researchers improve immune cell metabolic analysis.
Zacks Rank & Other Stocks to Consider
Currently, Agilent carries a Zacks Rank #1 (Strong Buy).
Other similar-ranked stocks in the broader technology sector include Digital Turbine APPS, Advanced Micro Devices AMD and Mimecast Limited MIME. While Digital Turbine sports a Zacks Rank #1, Advanced Micro Devices and Mimecast carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rates for Digital Turbine, Advanced Micro Devices and Mimecast are currently projected at 50%, 35.01% and 35%, respectively.
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