On Feb. 12, medical technology company Becton Dickinson & Co announced that it had received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for a new molecular diagnostic product to detect SARS-CoV-2 and Influenza A & B in a single test. The test can produce results in 2-3 hours. Shares of Becton Dickinson rose 1.16% at the close of trade on Friday.
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Becton Dickinson (BDX) noted that the test can address variants of SARS-CoV-2, including variants from the U.K and South Africa. Analysis showed that 99.9% of genetic sequences of these variants are identical to at least one of the two molecular targets of the test.
Dr. Charles Cooper, vice president of Medical and Scientific Affairs for integrated diagnostic solutions at Becton Dickinson, said, “Since these two diseases generally present with similar symptoms, a single specimen for diagnosis speeds up time to results and helps in determining right care approach faster to prevent community transmission.”
Dave Hickey, president of life sciences at Becton Dickinson added, “The new information on the test of detecting variants from the U.K and South Africa will provide helpful guidance to practitioners.” (See Becton Dickinson stock analysis on TipRanks)
On Feb. 5, Citigroup analyst Joanne Wuensch raised the price target on the stock to $280 from $273 and reiterated a Hold rating (9.24% upside potential). Joanne highlights the positive impact from COVID-19 diagnostic sales on the company’s bottom line in 1Q.
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 4 Buys and 2 Holds. The average analyst price target of $285.60 implies 11.42% upside potential from current levels.
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