Laboratory Corporation of America Holdings or LabCorp LH is leaving no stone unturned to develop COVID-19-related support. Following last week‘s launch of a new antibody test, the company’s Covance Drug Development business has come up with its new Xcellerate COVID-19 solution.
This is a new clinical solution that has been developed taking into consideration the crisis being faced by researchers and sponsors to continue their ongoing clinical studies amid the pandemic. This solution runs on the company’s Xcellerate platform. According to LabCorp, this is a comprehensive approach to reinitiate ongoing research and start new studies while providing patient safety and better-quality study delivery.
This solution has been designed taking the idea from Covance’s COVID-19 Operational Recovery Team to better understand the necessities and accordingly offer integrated data collection, actionable views of critical study data, COVID-19 targeted risk management and recovery assessment.
The company noted that the COVID-19 pandemic has already disrupted global clinical research. Studies have been halted or paused and enrollments are being delayed. Clinical research sites in many places across the world have restricted mobility with study monitoring conducted remotely where possible.
The Xcellerate COVID-19 solution has enabled study teams and sponsors to work based on changing facts on the ground with near-real-time, data-driven analytics and consumer-grade visualizations. This approach provides a platform for the safe and rapid restoration of essential research.
Considering the increasing number of coronavirus cases of late, the latest launch within LabCorp’s Covance Drug Development Business is expected to see huge market acceptance.
Covance’s Take on COVID-19
Last week, LabCorp’s Covance Drug Development business launched its neutralizing antibody test to assess the capacity of antibodies in patient plasma to inhibit the SARS-CoV-2 virus that is responsible for COVID-19.
According to the company, the result of this neutralizing antibody test can be used for the development of COVID-19 vaccines and the screening of convalescent plasma for prophylactic and therapeutic use. This test will be available to biopharmaceutical companies, hospitals, blood banks and other plasma-screening facilities.
Earlier this month, Covance came up with a website aimed at connecting patients with all COVID-19 clinical trials. Named as COVID-19 Clinical Trial Connect, this website helps all novel coronavirus patients acquire adequate information related to suitable clinical trials run by Covance on behalf of a biopharmaceutical company, as well as those listed on clinicaltrials.gov.
Further, it is also working with companies like Adaptive Biotechnologies and Microsoft to focus on immune response to the virus. Separately, it is also working with Pacific Bioscience on unique research programs on virus characteristics that can support patient treatment decisions.
Year to date, shares of LabCorp have declined 4.2% compared with the industry’s 3.4% fall.
Zacks Rank & Other Key Picks
Currently, LabCorp carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks from the broader medical space are Quest Diagnostics Incorporated DGX, Hologic, Inc. HOLX and QIAGEN N.V. QGEN.
Quest Diagnostics’ long-term earnings growth rate is projected at 7.6%. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hologic’s long-term earnings growth rate is estimated at 7%. The company presently has a Zacks Rank #2.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently sports a Zacks Rank #1.
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