Yahoo Finance QIAGEN (QGEN) to Boost Testing Capacity With Liquid-Based Kit
QIAGEN N.V. QGEN recently announced that it is working with genetic laboratories to ramp up COVID-19 testing capacity with its artus SARS-CoV-2 Prep&Amp UM Kit. Notably, the kit utilizes liquid-based sample-preparation technology to reduce two-thirds of the processing time for PCR results.
The new kit is likely to help QIAGEN significantly expand its production capacities to address the rising testing demand spurred by the emergence of the new Omicron variant. This development is likely to bolster the company’s Molecular Diagnostics business.
More on artus SARS-CoV-2 Prep&Amp UM Kit
QIAGEN’s artus SARS-CoV-2 Prep&Amp UM is compatible with all PCR machines and integrates sample preparation and detection into a single kit. The kit enables labs to evaluate samples in one hour rather than the three hours typically required by standard extraction-based real-time PCR processes.
Notably, QIAGEN’s artus SARS-CoV-2 Prep&Amp UM Kit is CE-IVD registered for clinical use in the European Union and other markets and is available for research use in the United States.
The kit includes liquid-based sample preparation, which takes around two minutes with a real-time PCR assay and comes with all the reagents needed for sample-to-result testing.
Benefits of the Kit
In recent times of rising testing demand globally, QIAGEN’s artus SARS-COV-2 Prep& has been gaining a significant foothold in the market. Its novel sample-preparation technology allows laboratories to increase PCR-testing capacity using their current infrastructure, which is a critical factor due to the rapidly transmissible Omicron variant of SARS-CoV-2.
QIAGEN’s artus SARS-CoV-2 Prep&Amp UM is faster than standard processes and can identify the virus more reliably, including the new Omicron variant. Further, the kit’s simple workflow boosts turnaround time and minimizes the workload of lab technicians.
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QIAGEN is also contributing to considerably increasing genomic surveillance using next-generation sequencing by supporting labs to develop a complete picture of SARS-CoV-2 variants. The new QIAseq DIRECT SARS-CoV-2 Kit helps labs to significantly boost sequencing.
Industry Prospects
Per a report by BCC Research, the global market for COVID-19 diagnostic services was $84.4 billion in 2021 and is projected to reach $195.10 billion by 2027, at a CAGR of 15%.
Considering the market opportunities, QIAGEN’s efforts to ramp up testing capacity are well thought of.
Recent Developments
In December 2021, QIAGEN gained CE marking of its QuantiFERON SARS-CoV-2 assay, which measures T-cell responses to SARS-CoV-2 and helps evaluate immunity in individuals receiving COVID-19 vaccination. This assay is an in vitro diagnostic test intended for the qualitative detection of interferon-γ (IFN-γ) created by CD4+ and CD8+ T cells in response to stimulation by a SARS-CoV-2 peptide cocktail in heparinized whole blood.
In the same month, QIAGEN announced a collaboration with Denovo Biopharma to develop a companion diagnostic (CDx) test to treat Diffuse Large B-Cell Lymphoma (DLBCL) — one of the most common lymphoid cancer. Both companies seek the FDA premarket approval (PMA) of the companion diagnostic test in conjunction with the new drug application (NDA) approval.
Price Performance
Shares of the company have lost 10.5% in a year against the industry's decline of 34.9%.
Zacks Rank and Key Picks
QIAGEN currently carries a Zacks Rank #4 (Sell).
A few better-ranked stocks in the broader medical space that investors can consider are AMN Healthcare Services, Inc. AMN, Apollo Endosurgery, Inc. APEN and Laboratory Corporation of America Holdings LH.
AMN Healthcare, carrying a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 16.2%. The company surpassed earnings estimates in the trailing four quarters, delivering a surprise of 19.5%, on average. You can see the complete list of today's Zacks #1 Rank stocks here.
AMN Healthcare has outperformed its industry over the past year. AMN has gained 46.5% versus the 57.2% industry decline.
Apollo Endosurgery, carrying a Zacks Rank #2, has a long-term earnings growth rate of 7%. The company‘s earnings surpassed estimates in the trailing four quarters, delivering a surprise of 25.6%, on average.
Apollo Endosurgery has outperformed its industry in the past year. APEN has gained 50.4% versus the industry’s 4.8% fall.
Laboratory Corporation surpassed earnings estimates in each of the trailing four quarters, the average surprise being 25.7%. The company currently sports a Zacks Rank #1.
Laboratory Corporation’s long-term earnings growth rate is estimated at 10.6%. The company’s earnings yield of 9.4% compares favorably with the industry’s 3.4%.
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