Enzo Biochem, Inc. (NYSE:ENZ) rose sharply in Monday trading, after a wild end to last week
Shares of Enzo jumped over 50% on Friday after the company’s fiscal second-quarter revenue edged up from $19.3 million in 2019 to $19.4 million in 2020. The non-GAAP loss narrowed from 18 cents per share to 12 cents per share.
The company’s subsidiary, Enzo Clinical Labs, announced plans to launch coronavirus testing services next week.
The virus has infected more than 93,000 people globally including recent detections in the United States. Enzo has many years of experience processing specimens for the detection of viral pathogens.
The test used by Enzo is a molecular test that determines the presence of viral RNA in respiratory specimens collected from patients by healthcare providers.
Enzo CEO Dr. Elazar Rabbani commented: "Clinical laboratories play a vital role in combatting serious challenges to public health, including those posed by COVID-19. We are pleased to be able to rapidly respond to the urgent need for this test and we remain committed to working with our industry partners to address this challenge."
Enzo is concurrently applying its technical expertise in molecular diagnostics to develop a next generation COVID-19 testing option. Enzo’s innovations include virus-inactivating specimen collection media to lessen transmission risks for healthcare providers and clinical laboratory personnel, the development of more relevant positive controls for the tests, and improved sensitivity.
The company is consulting with the U.S. Centers for Disease Control and Prevention on the implementation of these enhanced test features.
ENZ shares picked up $1.12, or 32.9%, to $4.52 in Monday’s first hour.
