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SANTA CLARA, Calif. - Agilent Technologies Inc. (NYSE:A), a healthcare diagnostics company with strong financial health according to InvestingPro analysis, announced Wednesday that its MMR IHC Panel pharmDx has received FDA approval as a companion diagnostic test for colorectal cancer. The company, which maintains a robust 53.6% gross profit margin and has consistently paid dividends for 14 consecutive years, continues to strengthen its diagnostic portfolio. The test identifies mismatch repair deficient (dMMR) colorectal cancer patients eligible for treatment with Bristol Myers Squibb’s Opdivo alone or in combination with Yervoy.
The MMR IHC Panel pharmDx is designed for exclusive use with Agilent’s Dako Omnis automated staining solution. It detects the loss of function in four mismatch repair proteins (MLH1, PMS2, MSH2, and MSH6) in formalin-fixed paraffin-embedded colorectal cancer tissue.
According to the company, the mismatch repair pathway corrects DNA replication errors to maintain genomic stability. Dysfunction in key MMR proteins causes MMR deficiency, which can make tumors more responsive to immunotherapy due to enhanced immune recognition.
"This approval marks an important step forward in the ongoing effort to improve colorectal cancer care," said Nina Green, vice-president and general manager of Agilent’s Clinical Diagnostics Division.
The diagnostic panel was developed in partnership with Bristol Myers Squibb. Agilent’s test is the only FDA-approved companion diagnostic IHC panel for diagnosing colorectal cancer patients eligible for treatment with Opdivo alone or in combination with Yervoy.
Agilent Technologies reported revenue of $6.51 billion in fiscal year 2024 and employs approximately 18,000 people worldwide, according to the press release statement.
In other recent news, New Found Gold Corp. has temporarily suspended heavy equipment exploration activities at its Queensway Gold Project due to increased forest fire risks in the area. The company has not disclosed the expected duration of this suspension or its potential impact on project timelines. Meanwhile, Agilent Technologies has announced that its CFO, Bob McMahon, will be stepping down effective July 31 for personal reasons. Rodney Gonsalves, the corporate controller and principal accounting officer, will serve as interim CFO while a global search for a permanent successor is conducted. Citi has reiterated its Buy rating on Agilent stock with a $165.00 price target following this announcement. However, BofA Securities has maintained a Neutral rating with a $128.00 price target, noting Agilent’s fiscal third-quarter results are expected to be within the guidance range. Additionally, Crawford & Company has appointed Amy Shore as an independent director to its board, effective June 6, 2025. Shore brings over 30 years of leadership experience in financial services to the role.
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