If any innovation holds significance at this moment, it is the development of the progressively-advanced COVID-19 test kits. In this line, on Feb 29, the FDA gave the green light to certain certified laboratories to urgently begin developing validated coronavirus diagnostics, subject to the condition that the test is submitted for review within 15 days to the federal agency.
Through this, the federal regulatory body is speeding up the approval procedure for these tests such that the companies can begin conducting the same in any state health laboratory immediately. Since then, a series of testing laboratories and biotech companies have achieved FDA’s Emergency Use Authorization (EUA) for launching their coronavirus test kits.
It is needless to say that while the market bloodbath is showing no signs of dissipating any time soon, investors might vouch for the genetic testing and medical device companies which have enormous chances to generate profit out of these well-timed developments over the next few months.
Here are four such stocks investors might want to keep an eye on:
Among all the recent progresses related to COVID-19 testing kits, not only the United States but the entire world is currently holding enormous hopes onto Abbott’s ABT fastest-available molecular point-of-care test for the detection of the novel coronavirus. This highly-portable test, launched last week, delivers positive results in just five minutes and negative results in 13 minutes. The test runs on the company’s ID NOW platform and is claimed to provide faster results in a variety of healthcare settings, such as physicians’ offices, urgent care clinics and hospital emergency departments.
In this regard we note that a week earlier, Abbott launched its Abbott m2000RealTime SARS-CoV-2 EUA test, which runs on the m2000 RealTime System located in hospitals and reference labs, globally. Between the two platforms, Abbott expects to produce about 5 million tests per month. With all efforts taken to ship these tests to each corner of the globe, this Zacks Rank #3 (Hold) stock is expected to register a massive ramp up in its international revenues.
Abbott Laboratories Price
Abbott Laboratories Price
Abbott Laboratories price | Abbott Laboratories Quote
Thermo Fisher TMO too can be another stock grabbing investors’ attention, following the recently-attained EUA from the FDA for its diagnostic test to be used immediately by CLIA high-complexity laboratories in the United States. The test has been developed for the detection of nucleic acid exclusively from SARS-CoV-2. The authorized test utilizes the Applied Biosystems TaqPath Assay technology and has been developed to deliver patient outcomes within four hours of a sample reaching a laboratory. The estimated time-to-result constitutes the time for sample preparation and instrument analysis. The EUA test is optimized for use on the company’s Applied Biosystems 7500 Fast Dx Real-time PCR instrument. The instrument is covered under the EUA and is already being utilized in clinical laboratories across the globe. The company too carries a Zacks Rank of 3, at present.
Thermo Fisher Scientific Inc. Price
Thermo Fisher Scientific Inc. Price
Thermo Fisher Scientific Inc. price | Thermo Fisher Scientific Inc. Quote
Hologic HOLX has also received the FDA’s EUA for its latest molecular diagnostic test — Panther Fusion SARS-CoV-2 assay — a real-time polymerase chain reaction (RT-PCR) in-vitro diagnostic test, which is intended to be used for the qualitative detection of RNA from the SARS-CoV-2. Per Hologic, it is the first company to receive support for developing the coronavirus detection test from the U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority (“BARDA”).
A significant advantage of the use of the system is that patients’ samples can be loaded onto the Panther Fusion system as soon as they reach the laboratory. The capability of faster loading of the sample, known as random access, is anticipated to speed up the testing, and improve efficiency and workflow by the instrument’s high throughput and quick turnaround time. Undoubtledly, Hologic too falls in the list of prospective stocks for investors, at present.
urmimala
Hologic, Inc. Price
Hologic, Inc. price | Hologic, Inc. Quote
We may also pick QIAGEN N.V. QGEN, a renowned molecular diagnostics solutions provider. The company has been witnessing issues with the China market since mid-2019, which had been taken into consideration when it announced its 2020 guidance. The coronavirus outbreak, however, might prove to be the turning point for the company as it is registering an uptick in global demand for solutions that can be used for the coronavirus testing. It has already started shipping its new QIAstat-Dx Respiratory SARS-CoV-2 Panel test (which is to be sold as an in-vitro diagnostic or IVD) in the United States following the EUS receipt. This Zacks Rank #2 (Buy) company is currently ramping up production of test kits for the detection of SARS-CoV-2 in patients. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
QIAGEN N.V. Price
QIAGEN N.V. price | QIAGEN N.V. Quote
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it’s predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce “the world’s first trillionaires,” but that should still leave plenty of money for regular investors who make the right trades early.
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