Skip to main content
Premium Trial:

Request an Annual Quote

Evercore ISI Initiates Coverage of LumiraDx With Outperform Rating

NEW YORK Investment bank Evercore ISI on Monday initiated coverage of point-of-care testing company LumiraDx with an Outperform rating and a price target of $20 per share.

In a research note, Evercore ISI analyst Vijay Kumar said LumiraDx "has the legs to sustain" among numerous point-of-care companies entering the market for SARS-CoV-2 diagnostic testing.

The company "promises central lab accuracy at [the point of care] at a compelling price point," he said, adding that the testing company differentiates itself from competitors with "the potential to do both antigen testing and MDx tests on the same test strip [with a very low cost of goods sold on] a portable, ultralight instrument."

The company's core management team "has worked together for more than a decade and has had multiple, successful exits," Kumar wrote.

Among the most important risks for LumiraDx is whether it can "gain traction in the market given proliferation of POC testing solutions, and potential manufacturing /quality issues," he added.

The London-based diagnostics company went public on the Nasdaq in September after announcing the closing of its previously announced merger with CA Healthcare Acquisition, a special purpose acquisition company.

In October, BTIG initiated coverage of LumiraDx with a Buy rating and a price target of $12 on its shares.

The Scan

Pig Organ Transplants Considered

The Wall Street Journal reports that the US Food and Drug Administration may soon allow clinical trials that involve transplanting pig organs into humans.

'Poo-Bank' Proposal

Harvard Medical School researchers suggest people should bank stool samples when they are young to transplant when they later develop age-related diseases.

Spurred to Develop Again

New Scientist reports that researchers may have uncovered why about 60 percent of in vitro fertilization embryos stop developing.

Science Papers Examine Breast Milk Cell Populations, Cerebral Cortex Cellular Diversity, Micronesia Population History

In Science this week: unique cell populations found within breast milk, 100 transcriptionally distinct cell populations uncovered in the cerebral cortex, and more.