By Matt Grossman

Abbott Laboratories shares climbed Monday after the company said on Friday that it will introduce a new rapid test for Covid-19.

The stock traded more than 7% higher at $79.95. Shares closed Friday at $74.56.

After trading on Friday, the Abbott Park, Ill., company said that the FDA gave it an emergency authorization to introduce a new test designed for use in clinics and doctors' offices. The test gives results in less than 15 minutes.

New point-of-care testing that offers nearly immediate results will help reduce waiting periods endured by patients in prior U.S. testing, which has involved sending samples of offsite laboratories.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

March 30, 2020 13:08 ET (17:08 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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