LumiraDx (NASDAQ: LMDX) stock is up over 30% in Wednesday premarket trading; the surge was spurred by the announcement that the company’s SARS-CoV-2 Antigen test has been approved for emergency use in India.
Approved by the Indian Central Drugs Standard Control Organisation, the antigen test has been in use in the US and Europe for over a year, with India finally receiving approval earlier today. Known as one of the fastest and most accurate tests – the antigen will prove invaluable to the countries ongoing crawl back to pre-pandemic normality.
The latest antigen test will be the fifth LumiraDX product on the market, complimenting a cumulative portfolio of efficient Covid-19 testing solutions. It hasn’t all been clear skies in the post-pandemic recovery, with Atea Pharma (AVIR) falling victim to a huge sell-off yesterday, and Valneva (VLA) also crashing earlier this month due to a canceled vaccine shipment.
David Walton, CCO of LumiraDX is particularly pleased about such a landmark development in ensuring widespread testing efficiency:
“Our launch in India with our SARS-CoV-2 Antigen test is an important step forward in this mission. We are proud to now have a presence in one of the world's fastest-growing economies and have the opportunity to partner with local health systems and businesses across the country to provide highly accurate and rapid testing.”
The approval has provoked important movement in the market this morning, with LMDX stock currently sitting at 10.65 – soaring past all-time highs. It will be interesting to see how the strength holds up as we enter into the market open.
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.