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360Dx Top 30 Continues Upward Climb, Increases 6 Percent in December

NEW YORK – Continuing its rebound from November after months of decline, the 360Dx Top 30 rose 6 percent month over month.

The increase mirrored the uptick in the broader market. Last month, the Dow Jones Industrial Average rose 5 percent and the Nasdaq climbed 6 percent month over month. The Nasdaq Biotech Index rose 13 percent compared to November.

The Top 30's largest gainers were CareDx (+24 percent), Invitae (+24 percent), and Revvity (+23 percent). The decliners were led by LumiraDx (-65 percent), Cue Health (-54 percent), and NeoGenomics (-11 percent).

CareDx's key piece of news last month was the denial of its motion for summary judgment in a patent lawsuit filed against the company by Natera. The US District Court for the District of Delaware denied CareDx's motion and ruled that the two patents asserted by Natera, covering the firm's Panorama noninvasive prenatal testing assay technology, will proceed to a trial on Jan. 22.

CareDx announced later in the month that it is offering its Transplant Pharmacy services to patient members of the National Foundation for Transplants to help them better manage post-transplant medication adherence.

Invitae also had news related to a lawsuit last month, as the US District Court for the District of Delaware granted Natera an injunction against Invitae and ArcherDx. The court ordered the two companies to permanently stop using products containing material patented by Natera, with some exceptions. The firm's legacy Personalized Cancer Monitoring products were affected by the injunction, although exceptions were included for ongoing clinical trials using the legacy PCM assay, for updating old studies that are currently undergoing peer review, and for limited quality control uses.

Invitae also last month divested its Ciitizen medical records platform in an effort to further reduce costs, transferring the assets to a newly formed business established by the Ciitizen leadership team and funded by a group of venture capital investors. Invitae also said it would lay off approximately 15 percent of its workforce. The changes, along with other spending cuts in technology and professional services, would lead to annualized cash savings of about $90 million to $100 million, it said.

Last month, Wells Fargo initiated coverage of Revvity at an Equal Weight rating on its stock and a price target of $95. Analyst Timothy Daley said in a note to investors that Revvity has growth potential in both its diagnostics and life science segments, although he added that it may be too early to tell from key performance indicators how well the company is performing since its divestiture of its applied, food, and enterprise services earlier in 2023.

Revvity subsidiary EuroImmun also had news in December, announcing that it has partnered with Xpedite Diagnostics to offer DNA extraction protocols for point-of-care diagnostics.

Among the decliners, LumiraDx's news came at the end of the month — Roche announced it will acquire the firm's point-of-care technology. LumiraDx has struggled in the wake of the COVID-19 pandemic and faced delisting from the Nasdaq.

Cue Health, meantime, had no news of note in December, but its low starting share price makes it particularly susceptible to small fluctuations in the market.

NeoGenomics, like CareDx and Invitae, was impacted by lawsuit-related news last month. At the end of December, Natera said it won a preliminary injunction in a patent infringement lawsuit against NeoGenomics Labs that will severely restrict sales of NeoGenomics' Radar minimal residual disease test. The order bars the "making, using, selling, or offering for sale in the US" of the test and prohibits NeoGenomics from promoting or advertising it. The firm is allowed to continue offering the test for existing patients and for clinical trials, research studies, and projects already in process.

NeoGenomics said it will appeal the order to the US Court of Appeals for the Federal Circuit.

In a note to investors, BTIG analyst Mark Massaro said the court ruling "casts material doubt" that NeoGenomics will be able to capitalize on the clinical minimal residual disease testing opportunity. He added that the appeals process may take about two years but noted that it "would have taken years" for NeoGenomics to achieve profitability in its minimal residual disease business. If the company "is forced to permanently shutter this business," Massaro said NeoGenomics would likely generate higher profitability sooner.

360Dx Top 30        
Company Ticker 31-Dec-23 30-Nov-23 % change
Abbott ABT 110.07 104.29 5.54
Accelerate Diagnostics AXDX 3.92 4.32 -9.26
Adaptive Biotechnologies ADPT 4.90 4.38 11.87
Becton Dickinson* BDX 243.83 236.18 3.24
Bio-Rad Laboratories BIO 322.89 304.92 5.89
Bio-Techne TECH 77.16 62.90 22.67
Burning Rock Biotech BNR 0.93 0.83 12.05
CareDx CDNA 12.00 9.71 23.58
Castle Biosciences CSTL 21.58 19.99 7.95
Cue Health HLTH 0.16 0.35 -54.29
Danaher** DHR 231.34 223.31 3.60
DermTech DMTK 1.75 1.61 8.70
Exact Sciences EXAS 73.98 64.00 15.59
Fulgent Genetics FLGT 28.91 27.58 4.82
Genetron GTH 3.68 3.68 0.00
Guardant Health GH 27.05 25.17 7.47
Hologic HOLX 71.45 71.30 0.21
Invitae NVTA 0.63 0.51 23.53
Labcorp LH 227.29 216.91 4.79
LumiraDx LMDX 0.06 0.17 -64.71
Myriad Genetics MYGN 19.14 19.09 0.26
Natera NTRA 62.64 55.95 11.96
NeoGenomics  NEO 16.18 18.17 -10.95
Opko Health OPK 1.51 1.46 3.42
Qiagen QGEN 43.43 41.16 5.52
Quest Diagnostics DGX 137.88 137.23 0.47
QuidelOrtho QDEL 73.70 68.73 7.23
Revvity RVTY 109.31 88.90 22.96
Thermo Fisher Scientific*** TMO 530.79 495.76 7.07
Veracyte VCYT 27.51 25.60 7.46
360Dx Top 30 Average   82.86 77.81 6.49

*Becton Dickinson paid a dividend of $.95 per share on Dec. 7.

**Danaher paid a dividend of $.24 per share on Dec. 28.

***Thermo Fisher Scientific paid a dividend of $.35 per share on Dec. 14.