Companies that are involved in manufacturing testing kits for COVID 19 have generally attracted significant demand for their products and have done brisk business. That has consequently been reflected in their stock price as well. American Bio Medica Corporation (OTCMKTS:ABMC), which is involved in the manufacturing of immunoassay test kits meant for point of collection for checking drug abuse, has seen its stock rise in recent weeks due to this reason.
The Launch Of A Rapid Test
The company had actually announced the launch of a rapid test for COVID 19 back in March, and over the course of the past month, the stock has soared by as much as 550%.
Considering the sort of gains that it has made, it could be worthwhile for investors to take a look at American Bio Medica a bit more closely. The company announced that it had got into a distribution partnership by way of which it would be able to supply a Rapid Test that could detect COVID 19 virus from plasma, blood or serum. More importantly, it can deliver a result in as little as 2 minutes and the maximum it can take to produce a result if 15 minutes. At the time, the product had not yet been reviewed by the United States Food and Drug Administration. However, it was being offered as per the guidelines laid down by the agency on March 16 this year.
The test is offered by American Bio Medica can be deployed to for screening the potential carriers of the virus. It can be deployed in hospitals, clinics, institutions, and also by employers in their offices. However, it is necessary to point out that the test in question is not meant for retail consumers, and the company is going to market the product as per the guidelines that have been laid down by the FDA.
