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New COVID antigen test causes Abbott stocks to rise

New COVID antigen test causes Abbott stocks to rise

Lori Schmidt

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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