360Dx Top 30 Rockets 10 Percent in January

Editor’s Note: We have adjusted the firms listed in the 360Dx Top 30 this month based on market caps at the end of 2024. Grail, Personalis, and Tempus AI have been added in place of MDxHealth, Biodesix, and Sera Prognostics. Companies represented in the Top 30 must trade common stock on one of the major US stock exchanges.

NEW YORK – The 360Dx Top 30 jumped nearly 10 percent month over month in January after a decline in December. New additions to the Top 30 also played a significant role in the month-to-month improvement.

The Top 30 outpaced the performance of the Dow Jones Industrial Average, which rose 5 percent, and the Nasdaq, which rose 2 percent compared to December. The Nasdaq Biotech Index rose 5 percent month over month.

The Top 30's largest gainers were new additions Tempus AI (+70 percent) and Grail (+70 percent), as well as Guardant Health (+54 percent). The main decliners were Quanterix (-14 percent), NeoGenomics (-13 percent), and Fulgent Genetics (-10 percent).

Tempus AI last month announced its preliminary Q4 financial results ahead of its appearance at the JP Morgan Healthcare Conference. The firm reported approximately 35 percent revenue growth for the fourth quarter and expects full-year 2024 growth of about 30 percent.

The company also announced the launch of its artificial intelligence-based health concierge application that is intended to help patients manage their health by centralizing their data.

Grail last month had limited news but presented at JP Morgan, providing additional details about the new version of its blood-based multi-cancer early detection test Galleri, which launched in December. The test is fully automated, allowing four times the number of samples to be run on a flow cell, which has reduced sequencing costs. The firm also said its 2024 revenues will be between $124 million and $126 million, up 34 percent from 2023.

Like the other gainers, Guardant Health also provided preliminary financial results last month. The company expects preliminary revenues of about $200 million in Q4 2024, up 29 percent from Q4 2023. Full-year 2024 revenues are expected to total approximately $737 million, up 31 percent from 2023. In addition, investment bank Barclays initiated coverage of Guardant at an Overweight rating at a price target of $60, citing the large unpenetrated markets for liquid biopsy in residual disease detection, monitoring, and screening.

Guardant also last month received expanded Medicare coverage for its Guardant Reveal assay. The liquid biopsy test is now covered when used to monitor colorectal cancer patients after receiving curative intent therapy. It previously was covered for use with colorectal cancer patients in the early postsurgical setting only.

Jefferies analyst Tycho Peterson wrote in a note to investors that the expanded coverage adds the potential for retesting opportunities over several years and is an opportunity for Guardant to grow its share in the minimal residual disease market and "better position itself ahead of emerging competition."

Among the decliners, Quanterix was impacted by two key announcements last month. Early in January, the firm said that it will acquire Akoya Biosciences in an all-stock transaction and will integrate Akoya's spatial biology capabilities with Quanterix's biomarker-detection tools for ultrasensitive detection of protein biomarkers. The transaction is expected to close in Q2 2025.

The company also announced last month that its preliminary Q4 2024 revenues increased 11 percent year over year, anticipating total revenues of about $34.9 million. Full-year 2024 revenues are expected to be about $137.2 million, up 12 percent from 2023.

NeoGenomics last month announced a multiyear partnership with Adaptive Biotechnologies to promote genomic testing for minimal residual disease monitoring and personalizing treatment in patients with select blood cancers.

NeoGenomics also presented at JP Morgan in January and provided financial guidance for 2025. The firm anticipates 2025 revenues between $735 million and $745 million, indicating growth of between 11 percent and 13 percent. Its next-generation sequencing testing business is expected to grow by at least 25 percent. NeoGenomics CEO Chris Smith also announced last month that he will retire as CEO and board member, effective April 1.

Fulgent Genetics had no key pieces of news to explain the decline in its share price.

*Abbott paid a dividend of $.59 per share on Jan. 15.

**Quest Diagnostics paid a dividend of $.75 per share on Jan. 14.

***Revvity paid a dividend of $.07 per share on Jan. 17.