3 Diagnostics Stocks With Oomph
The Individual Investor | May 28, 2013 04:39AM ET
Biotechs get all of the attention with their high-profile drug trials and excitement they bring to the table but diagnostic stocks aren’t far behind. Biotech stocks typically are in the business of finding a cure or controlling a disease or certain symptoms. Indeed, companies in the diagnostics business look for ways to develop tests to help diagnose diseases. The benefits can be twofold, either from diagnosing something that hasn’t been diagnosed before or making a diagnosis cheaper and/or more effective than currently on the market.
Exact Sciences (EXAS) is a molecular diagnostics company focused on the early detection of colorectal cancer. The company has exclusive intellectual property rights protecting its convenient, non-invasive stool-based DNA technology for the detection of colorectal cancer. Stool-based DNA technology is included in the colorectal cancer screening guidelines of the American Cancer Society and the U.S. Multi-Society Task Force on Colorectal Cancer.
EXAS’s shares have seen volatility over the past month after the company released disappointing results for the Cologuard colorectal cancer screening DeeP-C trial. The price target of 7 bucks . Furthermore, the shares were just upgraded by a big bank, Credit Suisse, earlier this month. The formerly bearish analyst said testing volumes for MaterniT21 are strong and improving, and the company's new agreement with insurer Blue Cross and Blue Shield expands access to the test and reduces the risks to Sequenom's stock. The news of Credit Suisse upgrading the shares sent the stock up 13% on the day.
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