Fluidigm (NASDAQ:FLDM) stock is soaring higher on Friday following an update for its novel coronavirus test.
According to the Fluidigm news release, the company has received the CE-IVD mark needed to commercially sell its test in Europe. This will allow for patients that may be suffering from the coronavirus to be tested without a nasal swab.
Instead of a nasal swab, Fluidigm’s Advanta Dx SARS-CoV-2 RT-PCR Assay uses saliva to check for the coronavirus. That’s easier than a nasal test and comes with a comparable level of accuracy.
Chris Linthwaite, president and CEO of Fluidigm, said this about the news boosting FLDM stock up today.
“Since introduction of our saliva-based COVID-19 testing solution in the United States, we have seen tremendous interest in our testing technology, and we are gratified by the opportunity to offer one of the first saliva-based COVID-19 tests to be widely available in Europe, where the total addressable market for COVID-19 testing, based on third-party and company estimates, is $5 billion to $7 billion in 2021.”
The update concerning the coronavirus test caught the interest of investors today. FLDM stock has traded nearly 5 million shares as of this writing. To put that in perspective, the stock’s daily average trading volume is 1.97 million shares.
Coronavirus news continues to be a catalyst for positive stock movement. Just earlier this week Adamis Pharma (NASDAQ:ADMP) saw a massive jump in its stock after revealing plans to treat symptoms of the virus with one of its medications.
FLDM stock was up 15.9% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.