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QIAGEN's (QGEN) New Monkeypox Test to Aid Faster Identification

QIAGEN N.V. QGEN recently announced the launch of its monkeypox (MPXV) test for its NeuMoDx automated polymerase chain reaction (PCR) platform — NeuMoDx MPXV Test Strip — to strengthen surveillance and research into the current outbreak in non-endemic regions. The test, currently for research use only (RUO), is a multiplex test that identifies both clades (variants) of monkeypox.

To boost its fight against monkeypox, this summer QIAGEN launched the QIAstat-Dx Viral Vesicular Panel RUO for RUO to differentiate between monkeypox and five other pathogens that cause similar symptoms.

With the latest addition to QIAGEN’s portfolio, the company aims to solidify its foothold in the global Molecular Diagnostics business.

Significance of the Launch

The NeuMoDx MPXV Test Strip has been designed as a dual-target assay to reduce false negative results and incorrectly indicate the absence of the virus. The test differentiates between the clade I and clade II variants, thus delivering the first results in just over an hour on QIAGEN’s user-friendly, fast and flexible NeuMoDx 96 and NeuMoDx 288 Molecular Systems.

Per management, the NeuMoDx MPXV aids the researchers in fast and reliable qualitative detection and differentiation of monkeypox clades. This is a significant help in understanding and containing the virus.

Industry Prospects

Per a report by Research and Markets, the global market for molecular diagnostics was estimated to be $10.4 billion in 2020 and is anticipated to reach $20 billion by 2027 at a CAGR of 9.8%. Factors like the increasing prevalence of infectious diseases and technological advancements in molecular diagnostics are expected to drive the market.

Given the market potential, the recent launch is expected to boost QIAGEN’s Molecular Diagnostics business.

Recent Developments

This month, QIAGEN reported impressive third-quarter 2022 results, registering better-than-expected earnings and revenues. QIAGEN’s ongoing double-digit sales growth in the non-COVID product portfolio, a high level of profitability and strong cash flow were the major upsides. The company continued seeing broad-based demand for its solutions in molecular research and clinical testing markets globally.

Last month, QIAGEN announced the certification of its in-vitro diagnostic (IVD) kit and its fully automated NeuMoDx platforms under the European Union’s new In-Vitro Diagnostic Medical Devices Regulation (IVDR). This replaces the previous IVDD rules since May. The ipsogen JAK2 RGQ PCR Kit used for myeloproliferative neoplasms (a certain type of blood cancer) is now QIAGEN’s first IVD kit with IVDR CE-marking under Class C.

In September, QIAGEN announced new additions to its comprehensive NeuMoDx assay menu for organ transplant-associated viruses. The new assays for the identification and quantification of the Epstein-Barr virus and the human herpesvirus 6 have received CE-IVD certification for the European Union and other countries that accept this marking.

Price Performance

Shares of the company have lost 13.4% in the past year compared with the industry’s 24.2% decline and S&P 500’s 13.9% fall.

Zacks Investment Research
Zacks Investment Research

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Zacks Rank & Key Picks

Currently, QIAGEN carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. AMN, ShockWave Medical, Inc. SWAV and McKesson Corporation MCK.

AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

AMN Healthcare has gained 4.6% against the industry’s 31.7% decline in the past year.

ShockWave Medical, carrying a Zacks Rank #2 at present, has an estimated growth rate of 23.6% for 2023. SWAV’s earnings surpassed estimates in all the trailing four quarters, the average beat being 146.1%.

ShockWave Medical has gained 43.8% against the industry’s 24.9% decline over the past year.

McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.1%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 4.8%.

McKesson has gained 71.8% against the industry’s 9.4% decline over the past year.

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