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360Dx Index Grows 4 Percent in December Alongside Broader Markets

NEW YORK – The 360Dx Index grew 4 percent in December, possibly on the back of an increase in COVID-19 testing demand due to the Omicron variant. 

The increase reflected upswings in the broader economic markets. The Dow Jones Industrial Average grew 5 percent month over month from November, while the Nasdaq was up 1 percent. The Nasdaq Biotech Index fell 1 percent.

The 360Dx Index's largest gainers last month were Opko Health (+22 percent), Quotient (+22 percent), and Quest Diagnostics (+16 percent). The decliners were led by Burning Rock Biotech (-38 percent), Genetron Health (-33 percent), and Invitae (-10 percent).

In early December, Opko announced that it had received approval from the US Food and Drug Administration for its 4KScore prostate cancer test for men 45 and older who have not had a prior prostate biopsy, or who are biopsy negative, and have an age-specific abnormal total prostate specific antigen and/or abnormal digital rectal exam. The test had previously been offered as a laboratory-developed test through Opko subsidiary BioReference Laboratories' specialty oncology and urology division GenPath. 

The company also announced positive top-line results from its Phase II trial of its drug Rayaldee (calcifediol) to treat COVID-19 at the end of December.

Quotient, meanwhile, had little news last month, although it did announce that it received feedback from the European notified body on its Expanded Immunohematology microarray submission and is expecting CE marking for the test in the first quarter of 2022. 

Quest's key news last month was its acquisition of LabTech Diagnostics, which it announced in mid-December. Quest acquired substantially all of the assets of the South Carolina-based diagnostic company, which provides clinical laboratory services to Southern states, mainly in North and South Carolina, Georgia, and Florida. Quest noted that the deal would allow more physicians in South Carolina to access diagnostic services directly from Quest through its Cleveland HeartLab cardiometabolic center of excellence and other labs in Atlanta, Tampa, Florida, and Greensboro, North Carolina. 

Through the deal, LabTech will become the first full-service lab owned by Quest in South Carolina.

As a result of the Omicron variant, Quest also saw increased demand for its COVID-19 molecular diagnostic tests throughout December, a spokesperson for the company said in a statement.

Among the decliners, Burning Rock's key news last month was the announcement that it has finished the second part of its technology transfer from Oncocyte. Burning Rock has licensed Oncocyte's proprietary risk stratification test, DetermaRx, to launch commercially in China. 

The company also reaffirmed its 2021 revenue guidance of RMB 500 million (US$78.7 million) at the end of December. 

Genetron's only news in December was the launch of its "Lung Loves New Life" genetic testing campaign in collaboration with the China Primary Health Care Foundation. The company will provide free genetic testing services with its eight-gene lung cancer test for 10,000 Chinese lung cancer patients to better personalize their treatment.

Neither Genetron nor Invitae had news of note last month to explain their share price declines. 

360Dx Index          
Company Ticker   31-Dec-21 30-Nov-21 % change
Abbott ABT   140.73 125.77 11.89
Accelerate Diagnostics AXDX   5.22 5.00 4.40
Adaptive Biotechnologies ADPT   28.06 26.09 7.55
Becton Dickinson* BDX   251.48 237.14 6.05
Bio-Rad Laboratories BIO   755.57 753.20 0.31
Bio-Techne TECH   517.34 472.03 9.60
Burning Rock Biotech BNR   9.53 15.46 -38.36
CareDx CDNA   45.48 43.14 5.42
Castle Biosciences CSTL   42.87 41.33 3.73
Danaher** DHR   329.01 321.64 2.29
Exact Sciences EXAS   77.83 85.37 -8.83
Fulgent Genetics FLGT   100.59 93.52 7.56
Genetron GTH   6.10 9.04 -32.52
Guardant Health GH   100.02 105.12 -4.85
Hologic HOLX   76.56 74.73 2.45
Invitae NVTA   15.27 17.00 -10.18
Labcorp LH   314.21 285.33 10.12
Meridian Bioscience VIVO   20.40 19.91 2.46
Myriad Genetics MYGN   27.60 25.86 6.73
Natera NTRA   93.39 91.46 2.11
NeoGenomics Laboratories NEO   34.12 34.26 -0.41
Opko Health OPK   4.81 3.93 22.39
PerkinElmer PKI   201.06 182.16 10.38
Qiagen QGEN   55.58 55.13 0.82
Quest Diagnostics DGX   173.01 148.68 16.36
Quidel QDEL   134.99 147.56 -8.52
Quotient QTNT   2.59 2.12 22.17
Thermo Fisher Scientific*** TMO   667.24 632.83 5.44
Veracyte VCYT   41.20 41.48 -0.68
360Dx Index Average     147.31 141.25 4.29
*BD paid a dividend of $.87 on Dec. 9          
**Danaher paid a dividend of $.21 on Dec. 29          
***Thermo Fisher Scientific paid a $.26 dividend on Dec. 14