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Laboratory Corporation of America Holdings LH or LabCorp together with OmniSeq recently announced the launch of OmniSeq INSIGHT, a next-generation sequencing (NGS) platform. With the launch, LabCorp continues to make major advancements in the oncology space, including the identification of new biomarkers and therapies at an extraordinary pace.
For investors’ note, LabCorp Drug Development and OmniSeq have a proven track record of offering an array of solutions customized to the unique needs of the biopharmaceutical partner.
As part of LabCorp's commitment to empower better health decisions for patients through the addition of advanced diagnostic tools in precision medicine, this test is developed to enhance precision oncology and advance patient outcomes.
More on OmniSeq INSIGHT
OmniSeq INSIGHT is a pan-cancer, solid tumor test that merge two different treatment patterns -- genomic and immune profiling, including tumor mutational burden, microsatellite instability, and immune gene expression, which increases the characterization of the unique genomic biomarkers in a patient's tumor. Notably, OmniSeq INSIGHT is NYS CLEP-approved.
The test results are presented in a report, summarizing all FDA-approved therapies and immunotherapies that match the patient's tumor profile, allowing clinicians to offer the latest treatments for their patients.
Significance of the Launch
OmniSeq INSIGHT is available in the United States exclusively through LabCorp and across Canada through Dynacare -- a LabCorp company. Further, the test is available through OmniSeq and LabCorp Drug Development for global biopharmaceutical companies. This can help bring down development time and costs while maximizing patient stratification by increasing biomarker selection in preclinical and clinical development and in targeted therapeutic and companion diagnostic development.
The test provides up-to-date, evidence-based treatment suggestions and integrates recent guidelines into a report that is easy to interpret, enabling clinicians to make the best treatment choices for their patients, including potential clinical trials.
Per a report by Mordor Intelligence, the global precision medicine market was valued at nearly $58,450 million in 2020 and is expected to reach about $98,550 million by 2026, at a CAGR of 9.2%.
Considering the market opportunities, LabCorp’s efforts to advance precision oncology is well-timed.
In June 2021, LabCorp extended its alliance with Walgreens Boots Alliance WBA to increase access of its Pixel by Labcorp COVID-19 PCR Test Home Collection Kit. Per the deal, this home collection kit is now available at 6,000 Walgreens stores nationwide and can also be accessed through Walgreens collaborations with on-demand delivery services like DoorDash and Instacart.
In May 2021, LabCorp announced the addition of bioanalytical services laboratory in Singapore. Construction and reconfiguration of this bioanalytical laboratory have already started and the opening is expected in late 2021. Post the opening, this addition is going to expand the company’s Covance Drug development offerings in the Asia-Pacific region.
Shares of the company have gained 52.4% in a year’s time compared with the industry’s 31.5% rise.
Zacks Rank and Key Picks
Currently, the company carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are Envista Holdings Corporation NVST and IDEXX Laboratories, Inc. IDXX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
IDEXX Laboratories has a projected long-term earnings growth rate of 20%.
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