Leerink initiated coverage of Freenome with an Outperform rating and an $18 price target, citing the company’s role as an R&D engine in liquid biopsy cancer screening. The bank pointed to expected colorectal cancer assay launches with Abbott, plus a milestone-driven funding outlook tied to FDA approval of Freenome’s SimpleScreen CRC test. Freenome, which went public in a recent SPAC deal, is launching in Q3 with its partner and is expected to roll out additional assays across single- and multi-cancer indications. Leerink also noted provider awareness as a near-term limiter, with a portion of surveyed primary care clinicians reportedly unfamiliar with the test. The report flagged commercial uncertainty around how much CRC testing revenue Freenome will recognize within its Abbott collaboration, and noted competitive pressure from Guardant Health’s Shield assay.