AnPac Bio-Medical Science Co. Ltd. (NASDAQ: ANPC) shares surged higher on Friday after the company reaffirmed its status as a COVID-19 stock. The company announced that it has been validating the approved COVID-19 antibody test for commercial use in its lab in San Jose, California.
Note that this antibody test previously received the FDA’s Emergency Use Authorization. The validation is expected to be completed in the second half of 2020.
Management noted that as COVID-19 cases are still on the rise and there is no clear short-term containment in sight, COVID-19 tests likely will have both long-term and widespread demand. As such, the company is fully committed to validating the aforementioned approved COVID-19 antibody test.
CEO Chris Yu noted that the pending commercialization of the approved COVID-19 antibody test would be another major new product and service that AnPac Bio offers that would accelerate revenue growth.
AnPac Bio is biotech company focused on early cancer screening and detection with operations in both China and the United States.
As for the stock move, companies tend to get a boost whenever they mention any developments around COVID-19, rather like the similar trend with “blockchain” last year. While AnPac Bio only trades an average of roughly 13,000 shares per day, about 13 million shares had moved in Friday’s session.
Excluding Friday’s move, AnPac Bio stock had lost about 51% year to date, notching a loss of 27% over the past quarter alone.
AnPac Bio-Medical Science stock traded up about 50% to $8.22 on Friday, in a 52-week range of $5.03 to $12.18. The consensus price target is $18.00