The stock of the Burlington, N.C., company at last check rose 2.8% to $149.71 on the heels of the FDA's decision to approve the home tests under its emergency-use-authorization program.
The tests require users to take nasal-swab specimens as part of a home collection kit.
LabCorp said the tests first will be limited to healthcare workers and first responders who have developed covid-19 symptoms.
Anyone looking to take the home test will have to fill out a covid-19 questionnaire and get approval or recommendation from a health-care provider, the company said.
The life sciences company also said that in the coming weeks it hoped to start making the at-home Pixel by LabCorp covid-19 tests available to consumers as well.
The tests should also increase safety when it comes to collecting samples from health-care workers and others potentially ill with Covid-19.
The tests eliminate the need for a clinician to administer the test. Having a clinician administer the test requires additional personal protective equipment, the company noted in a statement.
"Our at-home collection kits are designed to make it safer and easier to test health-care workers and first responders during this important time," said Adam Schechter, chief executive of LabCorp.
LabCorp, which is scheduled to report first-quarter earnings on April 29, is projecting growth of 6.7% over the next five years, according to Zacks Investment Research.
The company has also delivered positive earnings surprises over the past four quarters, averaging 2.2%.