LHDX - Why Lucira Health Stock Skyrocketed Today
Shares of medical technology company Lucira Health (NASDAQ: LHDX) rose sharply on Monday and ended the day up by 27% after climbing by as much as 41.3% earlier in the trading session. The reason for these gains was the fact that the U.S. Food and Drug Administration (FDA) issued an emergency use authorization (EUA) for the company's Lucira Check It COVID-19 Test Kit for over-the-counter (OTC) sale.
The Lucira Check It Test Kit, the first self-administered COVID-19 test approved by the FDA, can be used from the comfort of one's own home and delivers "PCR quality molecular accuracy in 30 minutes or less."
While results from lab tests can take anywhere from several days to two weeks, Lucira Health's test kit delivers quality results in less than an hour. Plenty of other diagnostic tests for COVID-19 have been granted EUA by the FDA. And in fact, it seems at first glance that the healthcare company may not benefit a whole lot from this milestone.
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Why Lucira Health Stock Skyrocketed Today