After announcing that its test had earned insurance coverage, the shares of biotech firm DermTech, Inc. (DMTK) started rising last month. The rally is still going on as the stock has added more than 186% over one month. . Now the business can depend on market growth, as with the DermTech Pigmented Lesion Assay (PLA) genomic test, more patients will be able to afford to test.
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For PLA studies, the American insurance provider Geisinger Health System has approved medical insurance payments. Such studies are the newest early warning technology for melanoma (skin cancer). Its particularity is high precision: at an early stage, the risk of losing cancer is less than 1 percent. This is particularly important for this condition, as timely diagnosis decreases the risk of a dangerous course of the disease. Early disease identification systems are being implemented in certain countries’ health services as the most reliable means of sustaining health and reducing costs.
Naturally, the announcement of the introduction of DermTech technology became the engine of price rise of the stock as it has risen 27% on December 30 session. In the US health insurance market, Geisinger is one of the participants. Geisinger’s case, however, can contribute to a sequence of similar choices by other insurers. The fact that the PLA test was historically approved for reimbursement by Illinois insurance providers Blue Cross Blue Shield and California Blue Shield is in favor of this.
What effect Geisinger’s acceptance would have on the financial results of DermTech is not yet apparent. In February 2021, the organization expects to issue the next update (for the fourth quarter).
At the January 15 trading, DermTech, Inc. (DMTK) was down -1.69% to $39. The capitalization of the market now stands at $945 million