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Piper Jaffray

The investment bank cited management confidence in US and European test growth as meriting the upgrade, which was necessary to maintain a current $72 price target on the firm's stock.

An analyst said the DetermaVu test could potentially be best in class for lung cancer diagnosis and that CMS could begin reimbursing for it in late 2020.

The analyst said Myraid's GeneSight and NIPT products present near-term opportunities that "should help power earnings upside in the years to come."

Molecular and point-of-care test revenues are showing promising growth in global diagnostics markets, but immunochemistry tests dominate overall.