Abbott Shares Rise 8% on FDA Approval for Covid-19 Rapid Test
August 27 2020 - 01:03PM
Dow Jones News
By Chris Wack
Abbott Laboratories shares were up 8% to $110.92 a day after the
U.S. Food and Drug Administration issued Emergency Use
Authorization for its BinaxNOW Covid-19 Ag Card rapid test for
detection of Covid-19 infection.
Abbott said it will sell its test for $5 and it provides results
in 15 minutes.
The company said it will also launch a complementary mobile app
for iPhone and Android devices named Navica, which will allow
people who test negative to display a temporary digital health pass
that is renewed each time a person is tested through their
health-care provider together with the date of the test result.
Abbott said the BinaxNOW Covid-19 Ag Card demonstrated
sensitivity of 97.1% and specificity of 98.5% in patients suspected
of Covid-19 by their health-care provider within the first seven
days of symptom onset. The test can be performed by doctors,
nurses, school nurses, medical assistants and technicians,
pharmacists, employer occupational health specialists, and more
with minimal training and a patient prescription.
Morgan Stanley raised its price target for Abbott stock to $112
from $106 a share, while maintaining its Overweight rating.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
August 27, 2020 12:48 ET (16:48 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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