FLDM Stock Alert: Why Fluidigm Shares Are Shooting Higher Today

Fluidigm (NASDAQ:FLDM) stock is soaring higher on Friday following an update for its novel coronavirus test.

A doctor holds a coronavirus 2019-nCoV Blood Sample

Source: Shutterstock.com

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.

Article printed from InvestorPlace Media, https://investorplace.com/2021/01/fldm-stock-alert-why-fluidigm-shares-are-shooting-higher-today/.

©2021 InvestorPlace Media, LLC