Investors may not be familiar with Empower Clinics (OTCMKTS:EPWCF), but the little-known equity absolutely popped in Friday trading. In fact, EPWCF stock closed higher by nearly 40%. So what do you need to know about this company? And what had shares on the move?
To start, Empower Clinics believes its mission is to provide integrative healthcare for patients in the United States and Canada, and it says it currently reaches 200,000 individuals. To do this, it operates clinics, a telemedicine platform and a diagnostics laboratory. Relevant to the news today, the company actually acquired the Kai Medical Laboratory in October 2020.
Investors should also note that Empower Clinics primarily trades under the ticker CBDT on the Canadian Securities Exchange. Both the Canadian shares and its over-the-counter shares soared on Friday.
But what actually had EPWCF stock on the move? Well, part of the Kai Medical Laboratory ties in nicely to investor interest in Covid-19. It turns out that the diagnostics portion of the company includes a variety of tests for the novel coronavirus. Empower has a RT-PCR Covid-19 test, an Elecsys Anti-SARS-CoV-2 immunoassay, an antibody test for Covid-19 and a variety of other toxicology and hormone tests.
Today, the company shared big news regarding its PCR test products. Importantly, new data from the Kai Medical Laboratory show that those tests can accurately detect the United Kingdom and South African variants of Covid-19. This is especially relevant, as public health officials turn their attention to those emerging strains. Plus, investors have been asking test kit and vaccine makers critical questions about the variants. Everyone wants to know that products on the market are effective against all varieties, especially as the pandemic continues to evolve.
What to Know About EPWCF Stock
So what else do you need to know about Empower Clinics? And what about EPWCF stock?
Based on the news today, it is clear why the little-known equity rallied so much. The pandemic continues to remain top of mind, and those emerging variants are especially relevant. If Empower Clinics can bring peace of mind through accurate tests, it is reasonable for investors to reward shares. Plus, the company has other compelling aspects of its business. Through its role in more integrated healthcare, and especially telemedicine, there are other reasons for investor intrigue.
However, there is also good reason to be caution. EPWCF is a penny stock, and brings with it quite a bit of volatility and risk. This means you should do your own research before diving in to Empower Clinics.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.