Enzo Biochem Inc Stock Price, News & Analysis

Enzo Biochem (NYSE:ENZ) has appointed Dr. Ian B. Walters to its Board of Directors. With over 30 years in drug development, he has led the approval of five oncology drugs. Previously at Bristol-Myers Squibb and Millennium Pharmaceuticals, Dr. Walters is also CEO of Portage Biotech. His expertise in clinical development and regulatory affairs is expected to enhance Enzo's offerings, particularly in companion diagnostics and liquid biopsy techniques. Dr. Walters aims to leverage his experience to support Enzo's growth, especially as the company navigates the clinical diagnostics landscape amid the COVID-19 pandemic.

Enzo Biochem, Inc. (NYSE:ENZ) announced the appointment of Mary Tagliaferri, MD to its Board of Directors, effective immediately. Dr. Tagliaferri brings extensive experience in business development and clinical research, previously serving as Chief Medical Officer at Nektar Therapeutics. Enzo aims to achieve profitability and intends to leverage her expertise for growth and innovation, especially in response to the COVID-19 pandemic. Recent company advancements include FDA Emergency Use Authorization for the GenFlex™ platform and expansion of its Farmingdale facility.

Enzo Biochem, Inc. (NYSE:ENZ) announced an estimated revenue of at least $27 million for the quarter ending October 31, 2020, reflecting a sequential growth of 40%. The company also reported the resignation of board members Fabian Blank and Peter Clemens. Enzo's CEO, Dr. Elazar Rabbani, highlighted significant operational advancements aimed at achieving profitability in fiscal 2021. Key developments in 2020 included receiving FDA Emergency Use Authorization for its GenFlex™ COVID-19 testing platform and expanding testing services.

Enzo Biochem, Inc. (NYSE:ENZ) has launched a compact microplate reader that enhances drug discovery and clinical testing capabilities. This portable device facilitates point-of-care testing in urgent care, hospitals, and physicians' offices. Enzo's advanced technology allows precise and accurate results, making it suitable for a range of immunoassay applications. With a potential market expansion into the $18B point-of-care testing sector, this innovation aims to deliver high-quality diagnostics outside traditional labs. Enzo is positioning itself to meet growing healthcare needs with this versatile product.

Enzo Biochem, Inc. (NYSE:ENZ) has launched GoTestMeNow™, a direct-to-consumer platform for accessing physician-authorized laboratory testing without needing a doctor's visit. Initially focused on COVID-19 molecular and antibody testing, the platform aims to enhance accessibility to various medical tests. The service includes online ordering, prompt test authorization, convenient testing locations, and secure online result access. Enzo envisions expanding GoTestMeNow™ to cover a broader range of tests, improving public health access through advanced laboratory services.

Enzo Biochem reported fourth-quarter revenue of $19.5 million, with a net loss of $3.3 million or ($0.07) per share. Despite a 6.6% year-on-year revenue decline, sequential growth was 15%. The company received Emergency Use Authorization for its COVID-19 testing platforms, enhancing its testing capabilities. Recent partnerships and increased operational efficiencies showcase its agility amidst COVID-19 challenges. The current year revenue run-rate exceeds $100 million, indicating potential 30% annual growth.

Enzo Biochem, Inc. (NYSE:ENZ) will report its fourth quarter and fiscal year 2020 financial results on October 13, 2020, after market close. The event will be followed by a live audio webcast and conference call at 4:30 pm ET. Investors and analysts can join the call by dialing 877-407-0792 (domestic) or 201-689-8263 (international), with Conference ID 13711603. Enzo Biochem specializes in molecular diagnostics, integrating clinical laboratories and life sciences, supported by a robust intellectual property portfolio.

Enzo Biochem has expanded its manufacturing capacity and molecular testing services at its Farmingdale, NY facility to meet surging demand for COVID-19 testing.

This expansion will enhance the company's ability to process up to one million molecular tests annually, supporting various testing programs across the New York metropolitan region. The ongoing demand highlights the importance of Enzo’s open system approach to molecular testing, positioning it favorably against competitors relying on closed systems. The company aims to increase product offerings and improve efficiencies in diagnostics.

Enzo Biochem, Inc. (NYSE:ENZ) has partnered with CPESN NY to provide COVID-19 testing at 52 independent pharmacies across New York. This initiative aims to enhance community access to testing, essential during the pandemic. The program leverages Enzo's AMPIPROBE® SARS-CoV-2 swab molecular test, known for its rapid results within two to three days. Enzo's extensive experience in diagnostics and support services bolsters this effort, offering reliable testing solutions to communities in need.