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Opko Health’s subsidiary BioReference Laboratories has launched a new multiplex test that will aid healthcare providers, clinics and health systems in the diagnosis of COVID-19 and Influenza A or B flu.
This new test identifies COVID-19 and influenza infections with a single sample. Opko Health (OPK) said that the multiplex test allows for more rapid diagnosis, conserves critical testing supplies, and provides surveillance for flu and COVID-19.
Jon R. Cohen, M.D., Executive Chairman of BioReference Laboratories stated “Patient care is at the center of our test offering and this multiplex test allows for healthcare providers to differentiate between COVID-19 and influenza by swabbing a patient one time.”
Earlier this month, the company announced that BioReference Laboratories has started its COVID-19 testing program for New York City public schools as part of a strategic collaboration with New York City, the Department of Health, New York City Health and Hospital Corporation, the Test & Trace Corp, and the Department of Education. (See OPK stock analysis on TipRanks)
Last month, Barrington Research analyst Michael Petusky reiterated a Buy rating for Opko Health with a price target of $7 following a virtual meeting with the company's CFO Adam Logal and Executive Vice President Steve Rubin. From the update provided by the management, the analyst gathered that the company’s lab business has significantly benefited from its ability to land COVID‐19 related PCR (polymerase chain reaction) and antibody serology testing agreements since the crisis began to impact the US.
The Street is very bullish about Opko Health and has a Strong Buy consensus based on 4 unanimous Buys. Shares have risen a whopping 203% so far in 2020 and the average analyst price target of $8 implies an upside potential of about 80% over the coming months.
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