Enzo Biochem Inc (NYSE: ENZ) was one of the top gainers in Friday’s session. The stock rallied and closed the day with gains of 50.44%. This came after the company announced that its full-service clinical laboratory would launch Coronavirus testing services. Through its subsidiary, Clinical Labs Inc, the company will start taking specimens for COVID-19. The company has experience in carrying out tests for viral RNA and is currently working on developing more advanced COVID-19 test options.
Commenting on the move to start testing services, CEO Dr. Elazar Rabbani stated that Clinical Laboratories will have a major role in dealing with the challenge that COVID-19 poses to the public. He further stated that the company was satisfied with its capabilities to quickly respond to the urgency that the world needs these tests. He concluded by stating that the company was fully committed to working with all industry players to deal with the Coronavirus challenge.
The company also gave an earnings call and touched on some of the progress it has made so far. The company announced that it had made progress in diagnostics technologies and unlocked significant value. The company added that its goal is to come up with a new paradigm for high tech testing solutions while staying cognizant of the cost implications.
The company further announced that in February, it got approval in New York for its tests for gonorrhea, chlamydia, and trichomonas on its GenFlex platform. The company’s GenFlex platform allows for sample collection, processing, amplification, and detection.
From its price action, ENZ is in a breakout. The stock gapped up and opened the day at $3.35. It then traded between a low of $2.86 and a high of $3.80, before closing the day at $3.40. Volumes in the day stood at 19.21 million.
About Enzo Biochem Inc
Enzo Biochem Inc is a medical diagnostics company. It is based in New York, New York.