Labcorp and Walgreens to Offer COVID-19 Test Collection Kits at Home

Global life sciences company Labcorp (NYSE: LH) recently announced the launch of its free COVID-19 at-home collection kit, Pixel by Labcorp. The kit will be available across the nation and is launched in collaboration with retail pharmacy chain Walgreens.

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Following the news, shares of the company declined marginally to close at $266.75 on Monday.

With the help of this testing kit, users can now get a PCR test done for all current variants of the virus, within the confines of their homes. The users can request a Labcorp COVID-19 at-home kit at no cost for individuals two years of age and older on the Walgreens’ website.

Management Commentary

The President of Labcorp Diagnostics, Brian Caveney, MD, said, “Expanding our offerings with Walgreens to provide Labcorp COVID-19 at-home collection kits to Walgreens customers makes testing within reach for more individuals across the country, including those communities that might otherwise have a harder time accessing health care. As we begin seeing regions across the country loosen COVID-19 restrictions, testing will continue to play an important role as people increase pre-pandemic routine activities.”

Stock Rating

Recently, UBS analyst Kevin Caliendo reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $353 to $343, which implies upside potential of 28.6% from current levels.

Consensus among analysts is a Strong Buy based on 10 Buys and 1 Hold. The average Labcorp stock prediction of $343.18 implies upside potential of 28.7% from current levels. Shares have gained 10.9% over the past year.

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