Hologic (HOLX) - Get Report shares rose Monday after the medical instruments and supplies company said its coronavirus test had received emergency-use authorization from the Food and Drug Administration for asymptomatic subjects.
Shares of the Marlborough, Mass., company recently traded at $66.56, up 3.4%. The stock had climbed 23% year to date through Friday.
The company’s test is called Panther Fusion SARS-CoV-2.
“Hologic’s assay is the first widely available, high-throughput molecular diagnostic test specifically authorized for screening asymptomatic people,” the company said in a statement.
“This availability is expected to play a key role in identifying early infection in exposed individuals, as well as reopening schools, workplaces and the economy in general.”
“[A]ccurately identifying individuals early in the course of infection -- so they can quarantine before passing on the virus -- is critical to stemming the spread of this pandemic,” said Kevin Thornal, president Hologic’s diagnostic solutions division.
An FDA report “compared more than 50 covid-19 tests and demonstrated that Hologic’s assays are the most analytically sensitive of the fully automated, high-throughput molecular tests on the market,” the company said.
“High analytical sensitivity is one of the key characteristics for tests to be used effectively in asymptomatic screening and pooling workflows.”