Laboratory Corporation of America Holdings LH or LabCorp’s Covance Drug Development business recently came up with a website aimed at connecting patients with all COVID-19 clinical trials. Successful materialization of this is expected to help advance the company’s coronavirus-based clinical trials, which are currently running in the United States through the Covance business.
The Website at a Glance
Named as ‘COVID-19 Clinical Trial Connect’, this website is intended to help all novel coronavirus patients acquire adequate information related to suitable clinical trials run by Covance on behalf of a biopharmaceutical company, as well as those listed on clinicaltrials.gov. People who have been exposed to, are experiencing symptoms of, have been diagnosed with, or have recovered from novel coronavirus are eligible to participate in the ongoing clinical research studies in their area. Further, people who are healthy or have interest in vaccine research studies may also participate.
The company noted that for eligible patients who are willing to participate, in most trials, all study-related visits and tests will be provided at no cost. In addition, compensation may be provided for certain types of studies. Health insurance is not needed here.
Covance's Response to COVID-19
This business is benefiting from collaborations with leading pharmaceutical and biotechnology companies with whom it started to work on potential antivirals, treatments and vaccines. Among the collaborations, the alliance with Ridgeback Biotherapeutics to test an antiviral drug is significant.
Further, the Covance business is also working with companies like Adaptive Biotechnologies and Microsoft to focus on immune response to the virus. Separately, it is also working with Pacific Bioscience on unique research programs on virus characteristics that can support patient treatment decisions. Meanwhile, the company has launched its patient registry with Ciox Health that will enable researchers to better understand and characterize COVID-19 diagnosis and treatment and generate insights that aid ongoing and future pandemic preparedness and prevention efforts.
The newly launched COVID-19 Clinical Trial Connect can be considered as a boost to LabCorp’s Covance business and will enable it to progress with its clinical trials seamlessly.
Year-to-date, shares of LabCorp have risen 6% compared with the industry’s 1.3% rise.
Zacks Rank & Key Picks
LabCorp currently carries a Zacks Rank #3 (Hold). A few better-ranked stocks from the broader medical space are Aphria Inc. APHA, Illumina, Inc. ILMN and QIAGEN N.V. QGEN.
Aphria’s long-term earnings growth rate is projected at 24.6%. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Illumina’s long-term earnings growth rate is estimated at 11%. The company presently has a Zacks Rank #2.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently sports a Zacks Rank #1.
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