LabCorp (LH) Stock Pops on FDA Emergency Authorization

April 21, 2020, By smallcapfirm,

The coronavirus fear is palpable.

At the moment, 2.53 million people around the world have been infected, with more than 174,330 deaths recorded.  Schools and businesses are closed, with stay at home orders. The situation has become dire, with many folks ready to get back to work.

Unfortunately, there are no vaccines readily available at the moment.

All we can rely on are tests from companies like LabCorp (LH), which just received emergency use authorization from the U.S. FDA to market an at-home COVID-19 testing kit.  However, the test does have to be recommended by a healthcare provider.

“Throughout this pandemic we have been facilitating test development to ensure patients access to accurate diagnostics, which includes supporting the development of reliable and accurate at-home sample collection options,” said FDA Commissioner Stephen M. Hahn, M.D.

“The FDA’s around-the-clock work since this outbreak began has resulted in the authorization of more than 50 diagnostic tests and engagement with over 350 test developers. Specifically, for tests that include home sample collection, we worked with LabCorp to ensure the data demonstrated from at-home patient sample collection is as safe and accurate as sample collection at a doctor’s office, hospital or other testing site. With this action, there is now a convenient and reliable option for patient sample collection from the safety of their home.”

On this news, shares of LH have run from a recent low of $100 to $148.79.

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