Rapid COVID test maker Precipio soars in premarket trade

2 days ago 7

Shares of microcap Precipio Inc. PRPO, +171.98%, a specialty diagnostics company, soared 41% in premarket trade Tuesday, adding to gains of more than 170% on Monday, after the company said its COVID-19 rapid antibody test is now available on Amazon.com's AMZN, -2.33% business platform. The 20-minute test, which was awarded emergency use authorization from the U.S. Food and Drug Administration in December, can only be purchased by qualified medical point-of-care providers. "Physicians and other medical facilities may now purchase these items directly from Amazon, and receive them within 2 business days," the company said in a statement on Monday. The test can identify the presence of antibodies that have been developed from exposure to the coronavirus-borne illness, or from vaccination and show an immune response. "Antibodies are the body's natural biological response to an infection or vaccination, and their development begins the body's process of building immunity to protect against future infections," Precipio said in the statement. The stock has gained 139% in the year to date, while the S&P 500 SPX, +0.27% has gained 11.6%.

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