JPMorgan analyst Lisa Gill says Quest Diagnostics announced that it will be launching the coronavirus disease test, which will be provided as a laboratory developed test, and the company plans to seek emergency use authorization from the FDA which will be submitted within 15 days of clinical testing. Quest will begin testing on March 9, and it believes, given its scale, that it will have enough capacity for early demand, while scaling up as necessary over time, Gill tells investors in a research note. At this stage, Gill says she expects COVID-19 testing to be a small benefit to 2020 volumes. The analyst made no change to her Neutral rating.

UBS raised the firm's price target on Quest Diagnostics to $146 from $139 and keeps a Neutral rating on the shares. UBS is more confident that Quest can hit its margin expansion story following the Q2 print and the firm's call with management, the analyst tells investors in a research note. Labor cost trends seem to have already peaked and Covid revenues should no longer be a headwind starting 2H, while above market base volume growth continues, the firm notes.

Citi raised the firm's price target on Quest Diagnostics to $145 from $135 and keeps a Neutral rating on the shares post the Q1 report. The company increased the midpoint of its fiscal 2024 revenue target and management anticipates the rest of fiscal year to follow regular seasonality on a revenue and margin basis with a step-up into Q2, the analyst tells investors in a research note.

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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.