Precipio Soars on Launch of COVID-19 Antibody Test on Amazon

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(The Street) — Precipio (NASDAQ:PRPO) skyrocketed Monday after the specialty diagnostics company said it had launched its COVID-19 rapid antibody test on Amazon’s (NASDAQ:AMZN) business platform.

Shares of the New Haven, Conn., company were soaring 93% to $3.52 on Monday.

The 20-minute antibody test, which is made by Nirmidas Biotech in Palo Alto, Calif., was the first U.S.-based test to receive emergency use authorization by the U.S. Food and Drug Administration for point-of-care, the company said in a statement.

The purpose of this test is to identify the presence of antibodies that have been developed after the person has been exposed to the virus, or has been vaccinated.

Antibodies are the body’s natural biological response to an infection or vaccination, and their development begins the body’s process of building immunity to protect against future infections.

People unknowingly infected or those who know they were infected can determine if they now have those antibodies, the company said. 

In addition, individuals who have been vaccinated can use the test to inform whether the vaccination was successful and if the antibodies measured have persisted over time.

Precipio said the product is visible for sale on Amazon’s website and app, but it may currently be purchased only by qualified medical point-of-care providers.

Physicians and other medical facilities can buy these items directly from Amazon, the company said, and receive them within two business days.

Last month, the FDA granted emergency-use authorization to COVID-19 tests made by Abbott Laboratories (NYSE:ABT) and Quidel (NASDAQ:QDEL).

Chembio Diagnostics (NASDAQ:CEMI) launched a test in April that can differentiate between COVID-19 and influenza.

Moderna (NASDAQ:MRNA) said last month that its COVID-19 vaccine generated antibodies that lasted at least six months after the second dose in a small-sample size study.

Article originally published by The Street.

The post Precipio Soars on Launch of COVID-19 Antibody Test on Amazon appeared first on Market Buzz - Get informed about the companies early investors are buzzing about.

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