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Abbott Laboratories’ coronavirus test, known as the BinaxNOW COVID-19 Ag Card, costs just $5 and provides results in 15 minutes without any lab equipment. It is highly reliable, with 97.1% sensitivity and 98.5% specificity.
Abbott Laboratories (NYSE: ABT), American healthcare giant that takes part in the COVID-19 vaccine race, has been given the green light from the Food and Drug Administration (FDA) for an emergency use authorization of its antigen coronavirus test, following the news, Abbott stock soared.
Breaking: Abbott just announced they have been given emergency use authorization for a rapid antigen test. They say: 15 minutes. 5 dollars. Greater than 95% sensitivity and no machine or lab required, adding they have the ability to make 50 million tests per month by October. pic.twitter.com/Ap7UBAn2UW
— Dr. Sanjay Gupta (@drsanjaygupta) August 26, 2020
Abbott Laboratories’ COVID-19 Antigen Test: Results in 15 Minutes for $5
Abbott Laboratories’ coronavirus test, known as the BinaxNOW COVID-19 Ag Card, costs just $5 and provides results in 15 minutes without any lab equipment. It looks like a credit card and detects the nucleocapsid protein antigen from SARS-CoV-2. According to Abbott’s press release, the test is highly reliable, with 97.1% sensitivity and 98.5% specificity.
Besides, the test will be widely available, as Abbott will ship tens of millions of tests in September. In October, the company is planning to boost manufacturing up to 50 million tests a month. Abbott is producing the test at a massive scale in two new U.S. facilities.
Scott Becker, CEO of the Association of Public Health Laboratories, commented:
“It’s exciting to see something come on the market that’s fast, easy to use, can be made by the millions and is inexpensive.”
In addition, Abbott has partnered with the Navica app so that those who took the test could prove they are coronavirus-free. The app displays a digital health pass via a QR code that shows their negative test result.
Abbott Laboratories CEO Robert B. Ford stated:
“We intentionally designed the BinaxNOW test and NAVICA app so we could offer a comprehensive testing solution to help Americans feel more confident about their health and lives. BinaxNOW and the NAVICA app give us an affordable, easy-to-use and scalable test, and a digital health tool to help us have a bit more normalcy in our daily lives.”
The app is available for both iPhone and Android devices.
Abbott Stock Soars in Early Trading
Following the FDA approval, Abbott stock jumped. It closed at $103.19 on Wednesday, which became the all-time high for ABT stock, and is 9% up in the pre-market, $112.48 per share. Its market cap has totaled $199.415 billion. Further, year-to-date, ABT shares are 18.80% up.
In March, when COVID-19 received pandemic status according to the World Health Organization, Abbott Laboratories stock was trading at $78.09. Since then, ABT stock has increased by 43.6%. At present, Wall Street analysts give 2 sell ratings, 4 hold ratings and 11 buy ratings for Abbott stock. This results in a consensus recommendation of “Buy”. As for average price predictions, Abbott Laboratories’ share price is expected to be at around $106.07 in the next twelve months.