Agilent Technologies


A

received approval for its Resolution ctDx FIRST from the U.S. Food and Drug Administration (FDA).

The approval is about utilizing ctDx FIRST as a companion diagnostic (CDx) in the identification of advanced non-small cell lung cancer (NSCLC) patients with KRAS G12C mutations.

Moreover, ctDx FIRST marks itself as the first FDA-approved liquid biopsy NGS assay as a CDx for the newly approved KRAZATI in advanced NSCLC.

Hence, the latest approval might accelerate the treatment of the abovementioned patients with KRAZATI.

This apart, FDA also approved ctDx FIRST for tumor profiling of the epidermal growth factor receptor gene. So, now, health care experts can apply ctDx FIRST to oncology patients with NSCLC.

Leveraging novel pls check spelling technology to detect genomic alterations in circulating tumor DNA from plasma, the ctDX FIRST test report offers broad genomic profiling on 109 genes across four types of alterations: single nucleotide variants, insertions and deletions, copy number amplifications, and fusions.

We note that the latest approval bodes well for Agilent’s growing efforts toward strengthening its presence in the booming medical diagnosis market on the back of its advanced techniques as well as a robust clinical and diagnostic product portfolio.

DGG Segment in Focus

Notably, the latest approval positions Agilent well to gain momentum in the genomic profiling space as ctDX FIRST uses a minimally invasive approach, which is preferred by 90% of cancer patients.

Further, the ctDX FIRST places the company well to gain traction among the oncologists dealing with patients suffering from lung cancer, which has become one of the most prevalent cancers.

These, in turn, will strengthen the company’s Diagnostics and Genomics Group (DGG) segment, which is primarily focused on the diagnostics and clinical market. Moreover, the latest approval is likely to contribute well to the financial performance of the underlined segment in the near term.

In fourth-quarter fiscal 2022, DGG generated revenues of $352 million, (accounted for 19% of total revenues), which were up 3% year over year on a reported basis and 8% on a core basis.

Strengthening Portfolio

The latest approval is in sync with Agilent’s growing endeavors toward adding strength to its overall product portfolio.

This apart, Agilent’s PD-L1 IHC 22C3 pharmDx got approval from the South Korea Ministry of Food and Drug Safety as a companion diagnostic to identify patients suffering from non-small cell lung cancer and in need of treatment with KEYTRUDA.

Further, it recently released an enhanced 8700 LDIR Chemical Imaging System for the analysis of microplastics in environmental samples.

The company collaborated with Mettler Toledo to lessen errors during sample preparation for better chromatographic results.

It also collaborated with Amazon’s AWS and NVIDIA. Per the terms, Agilent leverages AWS’ cloud-based analysis expertise and NVIDIA’s compute capabilities to provide advanced analytical solutions in the genomics space.

Additionally, Agilent unveiled MassHunter BioConfirm 12.0 software, which supports data generated by Agilent’s high-resolution LC/MS for assessing oligonucleotide purity and sequence confirmation.

We believe that these endeavors will continue to benefit Agilent in gaining strong momentum in the various end-markets it serves.

Zacks Rank & Other Stocks to Consider

Currently, Agilent Technologies carries a Zacks Rank #2 (Buy).

Investors interested in the broader Zacks Computer & Technology sector can consider some other top-ranked stocks like

Arista Networks


ANET

,

Asure Software


ASUR

and

Airbnb


ABNB

. While Arista Networks and Asure Software sport a Zacks Rank #1 (Strong Buy), Airbnb carries a Zacks Rank #2 at present. You can see


the complete list of today’s Zacks #1 Rank stocks here.

Arista Networks has lost 8.9% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 17.5%.

Airbnb has lost 42.6% in the year-to-date period. ABNB’s long-term earnings growth rate is currently projected at 20.7%.

Asure Software has gained 3.7% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 23%.

Zacks Top 10 Stocks for 2023

In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2023? From inception in 2012 through November, the

Zacks Top 10 Stocks

portfolio has tripled the market, gaining an impressive +884.5% versus the S&P 500’s +287.4%.

Now our Director of Research is combing through 4,000 companies covered by the Zacks Rank to handpick the best 10 tickers to buy and hold. Don’t miss your chance to get in on these stocks when they’re released on January 3.

Be First to New Top 10 Stocks >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.

Click to get this free report

To read this article on Zacks.com click here.

Zacks Investment Research