LHDX - Why Is Lucira Health (LHDX) Stock Up 237% Today?
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Lucira Health (NASDAQ:LHDX) stock is rocketing higher on Monday thanks to an update from the FDA.
The big news here is Lucira Health getting FDA approval for its at-home Covid-19 and flu combination tests. This allows customers to buy the kit and test at home if they are infected with Covid-19 or the flu.
Lucira Health believes that the speedy results of these tests, less than 30 minutes, and the ability to take them at home will be a game changer. The company envisions a future when going to a doctor for a flu test is a thing of the past.
What About The LHDX Bankruptcy?
Lucira Health acknowledges that approval for its at-home tests comes just a couple of days after a bankruptcy filing. That’s due to the company producing an inventory of its tests for 2022, but then not getting approval in time for that flu season.
Erik Engelson, President and CEO of Lucira Health, said the following on the matter.
“We remain confident in the role that the new test can play in future respiratory seasons and are honored to have received the first authorization for such a home test. We appreciate the diligent work of the FDA team as they refined requirements during the review cycle.”
Investors in LHDX stock will note that the company wants to continue with the production of its at-home tests. This has it seeking out a strategic or financial partner to aid in that effort.
LHDX stock seeing heavy trading today with some 81 million shares on the move. That’s well above its daily average trading volume of about 7 million shares. It also has shares of the stock heading 237.1% higher as of Monday morning.
Investors seeking more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about. That includes the biggest pre-market stock movers this morning, as well as the latest on the housing market and AI stocks. You can catch up on that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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