HOLX - Hologic Is Trading Near Its All-Time High. Is It Still a Good Buy?
Hologic (NASDAQ: HOLX), after earning an emergency use authorization (EUA) for a second COVID-19 molecular test from the Food and Drug Administration on May 15, is trading just a few dollars off its all-time high of $55.25, set on Feb. 4. The question for the Marlborough, Mass. medical technology company, and for investors, is whether its stock can continue to rise.
IMAGE SOURCE: GETTY IMAGES
COVID-19 testing is a key part of getting workplaces back to being fully staffed in the coming months. The company, which has more than 6,000 employees, said it expects to produce an average of 1 million molecular COVID-19 tests per week. Its test runs on Hologic's Panther system, an existing platform already being used in approximately 750 U.S. hospitals and labs. The company says the system can provide results in roughly three hours and can process more than 1,000 coronavirus tests in 24 hours.