New COVID antigen test causes Abbott stocks to rise

Abbott Labs has announced that the U.S. Food and Drug Administration has granted them Emergency Use Authorization for a new, cheap and rapid COVID-19 test.

The test, known as the BinaxNOW™ COVID-19 Ag Card, will be sold for $5 dollars. The antigen test relies on a nasal swab, uses the same type of technology as a flu test, is roughly the size of a credit card, and provides results in 15 minutes. 

“The BinaxNOW COVID-19 Ag Card can be used as a first line of defense to identify people who are currently infected and who should isolate themselves to help prevent the spread of the disease,” read Abbott’s statement Thursday. 

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It’s the fourth antigen test to receive an EUA, but there is something unique about this one. 

“Abbott will also launch a complementary mobile app for iPhone and Android devices named NAVICA™,” the lab said in its statement. “This first-of-its-kind app, available at no charge, will allow people who test negative to display a temporary digital health pass that is renewed each time a person is tested through their healthcare provider together with the date of the test result.”

Abbott’s stock shot up 8% Thursday morning on the news.

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