Precipio Maintains Momentum After 172% Jump

Precipio continues to surge after climbing 172% on Monday, when it launched a COVID-19 rapid antibody test on Amazon's business platform.
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Precipio  (PRPO) - Get Report continued to climb on Tuesday, one day after the medical diagnostics company said it had launched its COVID-19 rapid antibody test on Amazon's  (AMZN) - Get Report business platform.

Shares of the New Haven, Conn., company at last check were up nearly 14% to $5.63.

The stock had more than doubled (up 172%) to $4.95 in the previous session.

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Precipio said the 20-minute antibody test, which is made by Nirmidas Biotech in Palo Alto, Calif., was the first U.S.-based test to receive emergency-use authorization from the U.S. Food and Drug Administration for the point of care, the company said in a statement.

While the product is visible for sale on Amazon’s website and app, the company said it may currently be purchased only by qualified point-of-care medical providers.

Physicians and other medical facilities can buy these items directly from Amazon and receive them within two business days, the company said.

The test is intended to identify the presence of antibodies that are developed after a person has been exposed to the virus or has been vaccinated.

Antibodies are the body’s natural biological response to an infection or vaccination, and their development begins the body’s process of building immunity to protect against future infections.

Precipio and Nirmidas are working "to get this important rapid test on the largest retail platform in the world,” Precipio Chief Executive Ilan Danieli said in a statement. 

“We look forward to working with other retail outlets, as well as with Nirmidas, to advance this product into at-home use, following the receipt of appropriate FDA authorization."

In March, Precipio reported annual revenue of $6.1 million, up 95% from a year earlier. Fourth-quarter revenue totaled $1.9 million, up 180% from the year-earlier quarter. 

Last month, the FDA granted emergency-use authorization to COVID-19 tests made by Abbott Laboratories  (ABT) - Get Report and Quidel  (QDEL) - Get Report.

Chembio Diagnostics  (CEMI) - Get Report launched a test in April that can differentiate between COVID-19 and influenza.

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