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GenomeWeb Top 40 Rises 10 Percent in January, Outpacing Gains in Broader Market

We have made several changes to the GenomeWeb Top 40 based primarily on market cap as of the beginning of trading in January 2025. 908 Devices, Akoya Biosciences (which was acquired by Quanterix), Biodesix, MDxHealth, and 23andMe have been dropped. We have also decided to drop Azenta. Codexis, Grail, Maravai LifeSciences, Personalis, Sophia Genetics, and Tempus AI have all been added. We will evaluate the list again for changes at the half-year point. All companies included in the Top 40 must trade common stock on one of the major US stock exchanges.

NEW YORK – Stocks of the omics and molecular diagnostics companies tracked by the GenomeWeb Top 40 rose 10 percent in January, outpacing gains in the broader market.

The Dow Jones Industrial Average rose 5 percent while the Nasdaq rose 2 percent, and the Nasdaq Biotech Index rose 5 percent. Of the 40 firms tracked by GenomeWeb, 24 saw their stock prices rise month over month and 16 saw their shares fall in value.

Two newcomers to the Top 40, Tempus AI and Grail, led the winners in January with both firms' shares up 70 percent month over month.

During the month, Tempus AI launched its next-generation sequencing-based xT CDx test for solid tumor profiling. The company also announced a collaboration with Genialis to develop RNA-based biomarker algorithms to help predict treatment response across multiple cancer types and extended a collaboration with Swiss pharma firm Debiopharm to develop a predictive biomarker for a WEE1-targeted therapy.

Chicago-based Tempus AI reported preliminary revenues of roughly $200 million for Q4 2024, representing 35 percent year-over-year growth. It said it expects 30 percent growth for genomics revenues and 45 percent growth for data and services revenue in Q4. It reported preliminary full-year 2024 revenues of $693 million, up roughly 30 percent year over year.

During the company's presentation at the JP Morgan Healthcare Conference, Tempus AI CEO and Founder Eric Lefkofsky highlighted its $600 million buy of Ambry Genetics, noting that it will allow the company to move into disease areas beyond cancer and add to its data and analytics capabilities. The company projected full-year 2025 revenues of $1.23 billion, well above the consensus Wall Street estimate of $937.6 million.

Grail also presented at the JP Morgan conference with CEO Bob Ragusa discussing the recent launch of a new version of the company's blood-based multi-cancer early detection (MCED) test, Galleri. He noted that the new version of the test was fully automated and used a reduced methylation sequencing panel, allowing for reduced sequencing costs.

Grail ran 137,000 Galleri tests in 2024, generating revenue of between $124 million and $126 million, up 34 percent year over year. US Galleri sales were between $107 million and $110 million, up 45 percent from the prior year.

Ragusa said Grail expects US Galleri sales to grow between 20 percent and 30 percent year over year in 2025, and during the year it will see the early readout of its Pathfinder 2 study of the test. He also noted that the company has reduced its cash usage "substantially" and projected it would spend less than $320 million in 2025.

Guardant Health posted the third-largest rise in stock price in January with its shares up 54 percent. During the month, the company reported preliminary Q4 2024 revenues of roughly $200 million, up 29 percent year over year. It projected full-year 2024 revenues of $737 million, a jump of roughly 31 percent compared to full-year 2023.

Also in January, Guardant was one of two firms, along with ClearNote Health, selected by the National Cancer Institute to join its Vanguard study, which aims to investigate the effectiveness of different MCED tests across different cancer types and stages. In the study, the company will apply its test to samples from up to 24,000 subjects, including cancer patients and health controls.

Guardant also received additional coverage from Medicare for its Guardant Reveal liquid biopsy test. Medicare administrative contractor Palmetto GBA now covers the test for monitoring colorectal cancer patients following curative intent therapy. Previously, Medicare only covered the test for use in colorectal cancer patients in the early postsurgical setting.

Additionally, the company entered into an agreement with ConcertAI to provide biopharma firms with a real-world database combining electronic medical record data with genomic and epigenomic tumor profiling information.

Quantum-Si posted the largest decline among GenomeWeb Top 40 companies in January, with its shares down 27 percent month over month. This dip followed two months of strong gains as the company led the Top 40 in both November and December. Perhaps taking advantage of that run-up in price, the company at the beginning of January priced a registered direct offering of $50 million of its shares of common stock at a price of $3.20 per share.

Cytek Biosciences posted the second-largest decline in stock price in January, with shares down 21 percent month over month. During the month, the US Department of Commerce's Bureau of Industry and Security (BIS) released an interim final rule implementing targeted export controls on life science tools including spectral flow cytometers and cell sorters, which are a core product for the company.

Pacific Biosciences posted the third-largest decline in stock price in January, with shares down 16 percent month over month. During the month, PacBio reported preliminary Q4 2024 revenues of roughly $39.2 million, down 33 percent from $58.4 million in Q4 2023 and below the consensus Wall Street estimate of $40.6 million. For full-year 2024, it reported preliminary revenues of $154.0 million, down 23 percent from $200.5 million in 2023 and below the consensus Wall Street estimate of $155.4 million.

During the company's presentation at the JP Morgan conference, CEO Christian Henry noted that it has placed seven Vega benchtop sequencers since it announced the product in November and said he is hopeful the new platform will help PacBio return to growth in 2025.

GenomeWeb Top 40        
Company Ticker 31-Jan-25 31-Dec-24 % change
Adaptive Biotechnologies ADPT 7.75 5.99 29.38
Agilent Technologies A 151.52 134.34 12.79
Becton Dickinson BDX 247.60 226.87 9.14
Bio-Rad Laboratories BIO 360.88 328.51 9.85
Bio-Techne TECH 73.55 72.03 2.11
Bruker BRKR 58.15 58.62 -0.80
CareDx CDNA 23.30 21.41 8.83
Castle Biosciences CSTL 28.27 26.55 6.48
Codexis CDXS 4.19 4.77 -12.16
Cytek CTKB 5.15 6.49 -20.65
Danaher DHR 222.74 229.55 -2.97
Exact Sciences EXAS 56.05 56.19 -0.25
Fulgent Genetics FLGT 16.64 18.47 -9.91
Ginkgo Bioworks DNA 13.36 9.82 36.05
Grail GRAL 30.28 17.85 69.64
Guardant Health GH 46.98 30.55 53.78
Hologic HOLX 72.14 72.09 0.07
Illumina ILMN 132.74 133.63 -0.67
Maravai LifeSciences MRVI 4.93 5.45 -9.54
Myriad Genetics MYGN 12.67 13.71 -7.59
Natera NTRA 176.92 158.30 11.76
Nautilus Biotechnology NAUT 1.71 1.68 1.79
NeoGenomics Laboratories NEO 14.30 16.48 -13.23
OraSure OSUR 4.02 3.61 11.36
Pacific Biosciences PACB 1.54 1.83 -15.85
Personalis PSNL 5.22 5.78 -9.69
Qiagen QGEN 44.64 44.53 0.25
Quanterix QTRX 9.19 10.63 -13.55
Quantum-Si QSI 1.98 2.70 -26.67
QuidelOrtho QDEL 43.46 44.55 -2.45
Revvity* RVTY 126.13 111.61 13.01
Seer SEER 2.39 2.31 3.46
Sophia Genetics SOPH 3.50 3.07 14.01
Standard BioTools LAB 1.55 1.75 -11.43
Tempus AI TEM 57.39 33.76 69.99
Thermo Fisher Scientific TMO 597.75 520.23 14.90
Twist Bioscience TWST 52.37 46.47 12.70
Veracyte VCYT 45.48 39.60 14.85
Waters WAT 415.48 370.98 12.00
10x Genomics TXG 15.00 14.36 4.46
GenomeWeb Top 40 Average   79.72 72.68 9.69
*Revvity paid a dividend of $.07 on Jan. 7.