Quidel Corporation (NASDAQ:QDEL) saw its shares leap in price Monday morning, on revealing it has received emergency authorization for rapid antigen COVID-19 diagnostic assay.
The U.S. Food and Drug Administration has already approved diagnostics that look for genetic material specific to SARS-CoV-2, and tests that look for the antibodies immune systems produce in response to the virus. The Sofia 2 SARS Antigen FIA is the first that looks for chunks of the virus itself -- and it does so really fast.
Quidel's test can scan a sample in 15 minutes for antigens, and unlike antibody tests, antigen tests rarely produce false positives.
Considering the lack of available testing in the U.S. at the moment, Quidel probably won't have any trouble carving out a significant share of an enormous market. A low single-digit percentage of tests returning positive suggests enough people are being tested to prevent further outbreaks while returning to some level of normality.
The national percentage is falling, but 13.2% of samples sent to public and commercial laboratories tested positive last week.
More than a few healthcare providers already use Quidel's Sofia 2 system to quickly test patients for influenza, Lyme disease, and respiratory syncytial virus. In addition to rapid results, the Sofia 2 system also connects to the company's data management system.
QDEL shares thundered $37.39, or 23.6%, to $195.99.
