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NEW YORK — Craig-Hallum Capital Group on Monday initiated coverage of molecular diagnostic firm DermTech with a Buy rating and a share price target of $23.

In a note to investors, Craig-Hallum analyst Alexander Nowak highlighted DermTech's early melanoma detection test — called pigmented lesion assay, or PLA — which uses a proprietary adhesive patch sampling technology to measure aberrant gene expression in suspect skin lesions.

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