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Abbott [NYSE: ABT] Receives FDA Approval For 15 Minute COVID-19 Test

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Abbott Laboratories [NYSE: ABT] disclosed it has received the emergency use authorization of FDA for the COVID-19 test. The new test can deliver results in only 15 minutes.

BinaxNOWTM is a fast and rapid test for the detection of COVID-19 infection. BinaxNOWTM is highly portable and affordable. Abbott has decided to sell this test is $5.

Shares of Abbott soared 0.70%, or up +0.72 during the trading of Wednesday. It has a closing price of $103.19. ABT has a day low and high range of $101.26-$103.29, respectively.

It had recorded the trading volume of 2.97 million as compared to the average volume of 5.05 million. If we look at its profitability, it has return on assets (ROA) of 4.60%, return on investment (ROI) of 8.20% and return on equity (ROE) of 10.10%.

Abbott Laboratories has a Gross Margin of 57.70%, a Profit Margin of 9.90%, and an Operating Margin of 12.80%. Turing our focus on its liquidity, its current ratio is 1.60.

Similarly, its quick ratio is 1.10, and the debt to equity ratio is 0.64. This company has a long term to equity ratio is 0.59.

Furthermore, ABT has reported the sales of 31.44 billion and has a market capitalization of 181.33 billion.

In the past 52-weeks of trading, this company’s stocks have changed between the low range of $61.61 and a high range of $103.23.

Hence, its shares have increased by 67.49%, and decreased by 0.04% from its 52-weeks low and high range, respectively. Now if we look at its new rapid test, it is paired up with mobile app NAVICATM.

Furthermore, it worked like a secure digital boarding pass that can be scanned to enter organizations and the other places where people gather.

Data submitted to FDA disclosed that the BinaxNOW COVID-19 Ag Card exhibited a sensitivity of 97.1% (positive percent agreement).

It also showed the specificity of 98.5% (negative percent agreement) in patients with COVID-19 by health carer within 7 days of symptoms onset.

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