Leading commercial provider of clinically actionable liquid biopsy tests designed to improve the outcomes of cancer patients, Biocept, Inc. (NASDAQ:BIOC), has finalized an in-network provider agreement with Texas’ largest provider of health benefits, Blue Cross Blue Shield of Texas.
SAN DIEGO, Jan. 10, 2017 /PRNewswire/ — Biocept, Inc. (BIOC), a leading commercial provider of clinically actionable liquid biopsy tests designed to improve the outcomes of cancer patients, announces that it has secured an in-network provider agreement with Blue Cross Blue Shield of Texas (BCBSTX), the largest provider of health benefits in that state.
“Determining the molecular status of a tumor can help physicians individualize treatment for their patients and our highly sensitive Target Selector™ platform can provide this important information from a simple blood sample,” said Biocept’s Senior Vice President and Senior Medical Director Veena Singh, MD. “Our liquid biopsy testing is changing the way physicians evaluate tumor status and monitor both response and resistance to treatment.”
“It is gratifying that health plans are seeing the value of our liquid biopsy approach for profiling and monitoring important cancer biomarkers,” said Michael Nall, President and Chief Executive Officer of Biocept. “Partnering with health insurers is a major focus of our business strategy, as it may increase physician access to this non-invasive technology for their patients and provide timely adjudication of claims for patients. Securing this in-network agreement is an important milestone for Biocept, as Texas is one of our largest markets and BCBSTX is the largest provider in that state. With this agreement, the number of patients with in-network access to our tests has grown to approximately 185 million, with some members having access via multiple plans.”
Biocept, Inc. is a molecular diagnostics company with commercialized assays for lung, breast, gastric, colorectal and prostate cancers, and melanoma. The Company uses its proprietary liquid biopsy technology to provide physicians with information for treating and monitoring patients diagnosed with cancer. The Company’s patented Target Selector™ liquid biopsy technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells (CTCs) and in plasma (ctDNA). With thousands of tests performed, the platform has demonstrated the ability to identify cancer mutations and alterations to inform physicians about a patient’s disease and therapeutic options. For additional information, please visit www.biocept.com.
Forward-Looking Statements Disclaimer Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this release are not strictly historical, including without limitation statements as to our ability to improve the diagnosis and treatment of cancer, our ability to increase physician access to our technology, and our ability to provide timely adjudication of claims, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our Securities and Exchange Commission (SEC) filings. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this release. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. Readers are advised to review our filings with the SEC, which can be accessed over the Internet at the SEC’s website located at www.sec.gov.
Biocept, Inc. (NASDAQ:BIOC) shares are trading +77.45% on the news and in the range of $1.03 – 1.87 during the current trading session. When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock. Sell-side research firms on Wall Street currently have a consensus one-year price target of $1.80 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call.
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Sell-side analysts are projecting earnings per share of $-0.33 for the next fiscal quarter. For the current year, analysts are predicting earnings of $0.40 per share according to First Call.
In looking at where the stock is trading on a technical level, the stock is trading +112.41% away from its 50-day moving average of $0.85. Based on the most recent available data, the equity is -67.91% off of its 52-week high of $5.64 and +144.56% away from its 52-week low which is $0.74.
Today, the stock opened at $1.03 and the last bid at the time of writing stood at $1.81. During the session thus far, the equity dipped down to $1.03 and touched $1.87 as the high point. Biocept, Inc. (NASDAQ:BIOC) has a market cap of $31.67M and has seen an average daily volume of 267,935 over the past three months.
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