Abbott Shares Rise 8% on FDA Approval for Covid-19 Rapid Test

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 [e-mail]

(END) Dow Jones Newswires

August 27, 2020 12:48 ET (16:48 GMT)

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