Interpace Diagnostics Group Inc (NASDAQ: IDXG) is having an overwhelmingly strong start to the trading session in the pre-market hours this morning, and for good reason. The company announced that its treatment has been added to an insurance carrier’s coverage list, leading to excitement among investors and gains in the value of the stock. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:19), IDXG is trading at $1.23 per share after a gain of $0.15 per share (13.89%) thus far today.
IDXG Gains On Insurance Coverage
As mentioned above, Interpace Diagnostics Group is having a strong day in the market today after announcing that its treatment has been added to the coverage list for an insurance carrier. The company said that Oxford Health Plans will now cover the company’s ThyraMIR® test for indeterminate thyroid nodes. The coverage became effective as of August 1st.
This is incredible news. After all, with the new coverage, ThyraMIR is now available to more than 250 million covered lives around the United States. Oxford Health Plans only adds to the strong base of insurance coverage IDXG has obtained from Medicare as well as national and regional health plans. The treatment was also recently approved for coverage by Aetna and Cigna.
“Oxford’s determination to cover ThyraMIR follows a steady stream of payers that have recognized the value that both of our Thyroid products play in identifying the appropriate patients for surgery… We are pleased that Oxford has joined the growing list of health plans that cover ThyraMIR and their members in New York, New Jersey, and Connecticut will now have access to its benefits.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on IDXG. In particular, we’ll be following the company’s ongoing work surrounding ThyraMIR. As the company continues to gain coverage, sales are likely to continue to fly. Nonetheless, we’ll continue to follow the news closely and bring the story to you as it breaks!
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