Canaccord analyst Mark Massaro said the decline in Quest Diagnostics shares following its Q2 miss and lowered top-line guidance was fair. Despite the miss, the analyst believes the story remains intact as he believes the company will take market share, is poised to win more business, and he expects the pace of M&A to increase. Massaro reiterated his Buy rating and lowered his price target to $118 from $122 on Quest Diagnostics shares.

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Quest Diagnostics announced the launch of a new blood biomarker test for phosphorylated tau 217, or p-tau217. P-tau217 is a biomarker associated with Alzheimer's Disease, supported by research as useful for an early diagnosis of AD. The test is the latest addition to the AD-Detect portfolio of blood tests for assessing the risk of Alzheimer's Disease, which also includes testing for an array of AD biomarkers, including p-tau181 and amyloid beta proteins, as well as Apolipoprotein E isoform and plasma testing, for patients with cognitive impairment. The test is expected to be available for ordering on April 26.