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In a survey, analysts found that reimbursement and test awareness were major barriers to driving adoption of the firm's assay for identifying skin cancer.
The investment bank highlighted the technology underlying DermTech's non-invasive, skin patch-based melanoma test as key to its future growth.
BTIG highlighted the firm's cancer test portfolio, as well as its growing position in the liquid biopsy and minimal residual disease testing space.
The investment bank sees the potential for strong revenue growth over time as Oncocyte expands its product portfolio and launches new tests.
William Blair, Canaccord Genuity, and BTIG on Monday initiated coverage of newly public Biodesix, with ratings ranging from Buy to Outperform.
The investment bank gave a price target of $3.33 per share for Aspira, which focuses on women's health, and $11.97 for dermatology firm DermTech.
The investment bank projects medium-term revenue growth in the low teens, thanks to new test launches and expanded payor contracts for the company.
The investment bank also moved the company's stock price target to $45 from a prior target of $25 and noted several recent acquisitions by Invitae.
As government lab spending grows, the Medicare contractor has barred access to a coding and pricing file obtained via FOIA claiming it holds business secrets.
The company holds a leading position in reproductive testing and is expected to rapidly grow its oncology business to address a total market of $21 billion.