Analysts for the banks noted the large addressable market for the company's cancer screening tests as well as the benefits of its commercialization deals with Abbott and Roche.

There was a noticeable uptick in digital pathology devices and software clearances among more than a dozen 510(k)s granted by the agency last month.

LisenID uses a biomarker called loss of imprinting to apply to ambiguous biopsy results and return a diagnosis of lung cancer.

According to CEO Wesley Sukdao, Proteotype is also gearing up to raise about £5 million and seeking a lead investor.

An analyst with investment bank Leerink partners noted that Freenome is addressing a significant total addressable market in liquid biopsy cancer screening.