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OraSure Technologies News: Why OSUR Stock Is Surging 13% Today

OraSure Technologies (NASDAQ:OSUR) is in the news Monday after announcing approval from the U.S. Food and Drug Administration (FDA) for one of its devices sent OSUR stock soaring.

A doctor holds a coronavirus 2019-nCoV Blood Sample
Source: Shutterstock.com

An OraSure Technologies news release notes that the FDA granted Emergency Use Authorization (EUA) to its subsidiary DNA Genotek for its OMNIgene saliva collection and stabilization device. This is a testing device that can be used for the novel coronavirus.

OraSure Technologies is far from the only company receiving EUA for a coronavirus test. So what’s so special about the OMNIgene? To put it simply, the OMNIgene can be used without the need for a healthcare professional.

This means that people will be able to collect samples for the coronavirus at home. That includes as part of at-home testing kits. However, patients will still have to bring the sample back to a lab for confirmation.

Kathleen Weber, executive vice president and business unit leader of Molecular Solutions at DNA Genotek, said the following about the news.

“Since the beginning of the pandemic, DNA Genotek has been committed to addressing this global health emergency, and we are pleased to be able to provide a robust solution for easy, safe sample collection that supports detection of this highly contagious virus. Laboratories and test providers in both the U.S. and European Union can benefit from having a device that collects RNA for SARS-CoV-2, as evidenced by it being both CE marked and FDA authorized.”

OSUR stock was up 13.1% as of Monday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/10/orasure-technologies-coronavirus-news-sends-stock-soaring/.

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