Shares of Fluidigm Corporation FLDM were surging Monday following a decision by the Trump administration to use the company's saliva test for SARS-CoV-2, the virus that causes COVID-19.
What Happened: As part of a federal surge testing effort for COVID-19, the saliva test made by Fluidigm will be used beginning Friday, the U.S. Department of Health and Human Services said Friday.
The test, the Advanta Dx SARS-CoV-2 RT-PCR Assay, is an extraction-free, saliva-based test to detect nucleic acid from the SARS-CoV-2 virus. It is designed to run on Fluidigm's Biomark HD microfluidics platform.
The test was accorded emergency use authorization by the FDA in late August.
Related Link: The Week Ahead In Biotech: Spectrum Pharma FDA Decision, Biogen And Abbott Earnings, Cancer Conference
Why It's Important: Since the test is extraction-free and requires collection of saliva by spitting into a sterile container, it is easy to administer.
"Saliva tests are easy to perform, and many people may find them more comfortable than nasal swab tests," said Adm. Brett Giroir, HHS assistant secretary for health.
The accuracy of the test is comparable to other molecular-level tests of nasal swab samples, according to Fluidigm's clinical studies.
Federal adoption of the test should bode well for Fluidigm, likely propping up its topline.
What's Next: Waco, Texas is the first community to offer saliva testing starting Oct. 16, with local officials offering the test at three sites through mid-November.
HHS has shipped 10,000 Fluidigm saliva tests to select Waco, Texas sites.
FLDM Price Action: At last check, Fluidigm shares were gaining 5.19% to $7.10.
Related Link: Citron's Andrew Left Talks Inovio, Fluidigm And His 'Biggest Mistake As A Short Seller'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
