Shares of XpresSpa (XSPA) - Get XpresSpa Group, Inc. Report jumped Tuesday after the health and wellness services company said it would launch rapid testing for covid-19 at JFK and Newark Airports starting Wednesday.
The company will administer Abbott's (ABT) - Get Abbott Laboratories Report ID Now molecular test, a point-of-care test that delivers results within 13 minutes. ID Now has emergency-use authorization from the Food and Drug Administration, XpresSpa said.
“We believe rapid covid-19 testing at airports can play a major role in slowing the virus spread and decreasing the risk of new community outbreaks linked to travel as cases continue to rise throughout many states,” XpresSpa Chief Executive Doug Satzman said in a statement.
"Having a rapid test inside the airport immediately upon travel could also eliminate the need for a full 14-day quarantine in states where that applies," Satzman said.
The company says it is working with major airlines to create "air bridges," international routes that don't require a quarantine, for example, between New York and London.
Newark Airport, in New Jersey, and JFK, in the New York City borough of Queens, are the New York City area's two international airports.
XspresSpa said that it is also in discussions with "multiple emerging health passport apps" that would link covid test results from its partnered labs directly to those apps.
The company also offers travelers spa services, including massage and nail and skin care, as well as spa and travel products.
XpresSpa shares jumped 12% to $2.54 Tuesday. At its 52-week low the stock was 15 cents a share in mid-March. In June it touched a 52-week high of $8.82.