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Analyst Puneet Souda said HTG has a growing funnel of biopharma projects that have the potential to convert to companion diagnostics with regulatory approval.
The study solidified how doctors should interpret and act upon an intermediate result from the breast cancer risk test in how to treat early-stage patients.
The investment bank gave the company's stock an Outperform rating with a target price of $90 per share.
Investors in Exact Sciences went on a selling spree after CellMax publicized data suggesting its test could outperform Cologuard for the early detection of colorectal cancer.
The potential effect of new, lower PAMA prices remains a key issue facing both companies, the investment bank said.
The investment bank said that Danaher, Illumina, Qiagen, and Thermo Fisher Scientific were its top picks.
The investment bank noted that Hologic could be the "biggest beneficiary from tax reform" in its coverage with a potential 8 percent benefit to earnings per share.
Cowen and Leerink rated Quanterix at Outperform while JP Morgan initiated coverage with an Overweight rating — the banks managed the company's $74 million IPO.
The investment bank said that T2 Bio's installed base and number of tests per instrument could increase as more hospitals realize the clinical and economic benefits of the company’s technology.
The investment bank gave LabCorp an Outperform rating and a price target on its stock of $175. It gave Quest a Market Perform rating and an $88 price target.