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Why ProPhase Labs Shares Jumped 32% Today

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Why ProPhase Labs Shares Jumped 32% Today

Shares of ProPhase Labs Inc (NASDAQ: PRPH), a consumer healthcare and diagnostics company, jumped 32% in the extended session on Tuesday.

What Happened: ProPhase said on Tuesday it has acquired mobile app company VaccTrack, which confirms a user has been vaccinated against COVID-19, for an undisclosed amount. 

VaccTrack app awards a digital vaccination certificate, or a “passport," to its users if they have been vaccinated or if they have been tested for the virus and can confirm the test results.

According to ProPhase, the app’s capability could be adopted as a measure that will allow entertainment and sporting venues to safely admit spectators and allow airlines and hotels to safely accept travelers. 

The VaccTrack solution can be accessed on a mobile phone as an app or via a digital wallet.

Why It Matters: More businesses and corporations are planning to return to office as the vaccination rollout picks pace gradually. ProPhase is relying on the corporate and individual need to provide a vaccination safety certificate as more people step out of their homes.

Price Action: ProPhase shares closed 1.3% higher at $6.27 and were up 32% in after-market hours.

 

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