Medical tech company LexaGene (LexaGene Stock Quote, Chart, News TSXV:LXG) says the commercial launch of its flagship product, MiQLab, is just around the corner, which is enough to push Industrial Alliance Securities analyst Chelsea Stellick to change her rating and target on the stock. In a research update on Monday, Stellick took LexaGene from \u201cSpeculative Buy\u201d to \u201cBuy\u201d with a new target of $1.70 (previously $1.05). Molecular diagnostics company LexaGene develops genetic analyzers for pathogen detection, with its MiQLab fully-automated genetic analyzer capable of detecting pathogens so as to prevent disease for food safety, veterinary and human diagnostics, water quality monitoring, aquaculture and others fields. The MiQLab will be capable of testing for SARS-CoV-2, the virus that causes COVID-19. The stock was up sharply on Monday on the company\u2019s announcement, also on Monday, of the commercial launch of the new MiQLab product expected prior to the end of September of this year. LexaGene will be hosting a webinar on Tuesday to introduce the product. \u201cWe started this company with a vision to create a technology that the world needs, particularly during these difficult times as we struggle to contain the spread of COVID-19,\u201d said Dr. Jack Regan, LexaGene\u2019s CEO and Founder, in a press release. \u201cWe have finished incorporating the feedback from beta testing and have begun manufacturing our commercial instrument, the MiQLab genetic analyzer. It is extremely gratifying to be so close to the start of selling this much-needed technology.\u201d\u00a0 Stellick said there should be more near-term catalysts ahead for the stock, including the completion of an FDA review process (which can take up to three or four weeks) for FDA Emergency Use Authorization, which would allow MiQLab to be used for human clinical diagnostics and not just for research purposes. \u201cMiQLab can screen samples for up to 27 different targets at one given time. This is particularly important in testing for SARS-CoV-2 when patients presenting with respiratory symptoms caused by other viruses can be identified and not falsely diagnosed with COVID-19,\u201d Stellick wrote. \u201cThere are ~50+ molecular tests authorized for commercial use, most of which can only detect for the SARS-CoV-2 virus, have longer turnaround times, or can only be used by a trained technician. LXG\u2019s address all these limitations with its MiQLabTM instrument,\u201d she said. Stellick\u2019s valuation for LXG comes from a sum-of-the-parts perspective based on an average of EV\/EBITDA and DCF valuations which are incorporating the full lifecycles value of commercialization and associated growth in sales of both the MiQLab and its single-use cartridges. The analyst sees sales of the MiQLab steadily growing over the balance of the decade, moving the company\u2019s total revenue from $3.7 million in 2020, to $103.3 million by 2030. On EBITDA, Stellick is calling for $3 million in 2020, $2 million and 2021 and $74 million by 2030. Stellick\u2019s $1.70 target at press time represented a projected 12-month return of 46.6 per cent.