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According to some analysts, the selloff in IVD company shares may be an overreaction, and SARS-CoV-2-related testing will be needed for some time in the future.
Of the 32 companies in the index, 14 firms saw their stock prices increase, while 18 firms' share prices decreased.
The investment bank projects medium-term revenue growth in the low teens, thanks to new test launches and expanded payor contracts for the company.
Of the 32 companies in the index, 21 firms saw their stock prices increase, while 11 firms' share prices decreased.
The firm presented initial study results from the test, which identifies six cancers, showing overall sensitivity at 86 percent and specificity of 95 percent.
Shares of Illumina fell in afternoon trading on the Nasdaq following a brief rise after the market open.
The increased forecast is the result of continuing COVID-19 testing volumes along with recovery in its breast and skeletal business, Hologic said.
The company is selling 4,166,666 shares of its common stock at a price of $60 per share in the offering, which is expected to close Sept. 15.
Florida's largest county joins several major California counties in deploying Fulgent Genetics' PCR-based COVID-19 tests in a drive-through setting.
The firm also announced that all of its coronavirus tests would return additional results for Influenzas A and B by the end of September.