Abbott Labs (NYSE:ABT) news for Monday concerning a new test for the coronavirus from China has ABT stock heading higher.
According to an Abbot Labs news release, this new test is able to positively identify coronavirus in as little as 5 minutes. It can also turn up a negative result for the virus in just 13 minutes. This will allow for much quicker results when testing for the virus.
The Abbott Labs news release notes that the company’s new coronavirus test works with its ID NOW system. This testing system allows for mobile deployment, which means testing for the virus can come to areas where it is most needed.
Abbott Labs notes that it will have the new ID NOW coronavirus tests available to health officials starting next week. The company intends to send these tests out to areas where they will have the greatest impact.
Robert Ford, President and COO of Abbot Labs, said this about the new coronavirus test news.
“The COVID-19 pandemic will be fought on multiple fronts, and a portable molecular test that offers results in minutes adds to the broad range of diagnostic solutions needed to combat this virus. With rapid testing on ID NOW, healthcare providers can perform molecular point-of-care testing outside the traditional four walls of a hospital in outbreak hotspots.”
ABT stock was up 7.28% as of Monday afternoon. However, it’s down 14.25% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.