One of the biggest upside movers in today’s upside-down market is medical technology company Lucira Health (NASDAQ:LHDX). This little-known maker of PCR tests for various infectious diseases is on a tear, with LHDX stock up more than 400% as of early afternoon trading.
This move comes amid an announcement that Lucira has submitted an Emergency Use Authorization (EUA) to the FDA for over-the-counter use for its Covid-19 & Flu test. Notably, the company received a previous EUA for this test as a point-of-care test (to be used in healthcare settings) last November. However, this application could open up a much larger potential market for Lucida, with new potential online and pharmacy channels becoming available.
Let’s dive into whether Lucida may be worth a look for investors right now.
What’s Going On With LHDX Stock?
The idea that Covid-fatigue has taken over most investors is a real one. No one really wants to talk about the pandemic anymore. Vaccine stocks, and other related companies, have gone out of favor for many looking forward to the “next” catalysts out there.
That said, at-home tests, such as the ones provided by Lucira, could be game-changing when it comes to those at high risk of hospitalization because of Covid-19 or the flu. Lucira offers both in-home tests, as well as Lucira Connect, which allows users to connect to a free telehealth visit to get treatment without leaving home. Thus, for those who dislike in-person visits to the clinic, or are immunocompromised, this is a big deal.
Today’s price action with LHDX stock certainly suggests that there remains investor interest in certain pockets of Covid-related care. For those looking for a small-cap option in this space, this is a stock worth putting on the watch list right now.
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On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.