Abbott Labs (NYSE: ABT) Got FDA Authorization For Rapid COVID-19 Test

Abbott Laboratories (NYSE: ABT) announced late Friday that U.S. Food and Drugs Administration Authority gave emergency authorization to the company for the rapid COVID-19 test.

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ABT revealed that the company is now able to deliver positive results in as little as 15 minutes and negative results in 13 minutes.  Coronavirus Pandemic continued to spread around the globe and has infected 614,051 people worldwide.

Abbott laboratories stocks went up 2.1% in the last trading session of Friday. 1.65% change recorded in the stocks of ABT at the price of $74.56 on Friday. ABT has a day low range of $73.61 and a day high range of $77.50. The total market capitalization of Abbott laboratories is $131.48 billion with a 1.90% dividend yield. ABT has a trading volume of roughly 8.34 million compared to its average volume of 12.42 million.

Abbott Laboratories said that the test is conducted with one of the Abbott’s Portable platform called ID NOW. This portable platform detects the coronavirus in just a few minutes. The portable platform weighs 6.6 pounds and is equal to the size of a small toaster.

ABT said that the company is trying to provide the rapid tests available to healthcare workers by the next week. ABT also announced that the company has the capacity for about five million tests a month.

Abbott President & COO, Robert Ford, said: “With rapid testing on ID NOW, healthcare providers can perform molecular point-of-care testing outside the traditional four walls of a hospital in outbreak hotspots.”

Different other companies like Mesa Biotech and Cepheid also increasing production to meet the unprecedent demand. The United States of America has reported the 104,256 confirmed cases of novel coronavirus and the death toll reached 1,704. According to the different statistics, the recovery rate of COVID-19 is 82.94% and the death rate is17.06%.

Abbott Laboratories discovers, develops, manufactures, and sells health care products worldwide. The company’s Established Pharmaceutical Products segment offers branded generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency; irritable bowel syndrome or biliary spasm; intrahepatic cholestasis or depressive symptom, etc. The company was founded in 1888 and is headquartered in Abbott Park, Illinois.