Precipio extends 2-day gain to 404% following launch of the company’s COVID-19 test on Amazon

Traders work on the floor of the New York Stock exchange
  • Precipio shares jumped by more than 400% during a rally that extended for a second day on Tuesday.
  • The surge came after the company’s COVID-19 antibody test started selling on Amazon.
  • The 20-minute test was the first of its kind in the US to win FDA approval for emergency use.
  • See more stories on Insider’s business page.

Precipio stock rocketed higher for a second session on Tuesday, with a fivefold surge in the price ignited after the specialty diagnostics company launched its COVID-19 antibody test on Amazon.

The company said it holds the exclusive rights to distribute the 20-minute test on Amazon’s platform. Precipio said the test, which covers two types of antibodies, was visible for sale on the retailing giant’s website and app.

Precipio shares surged to an intraday high of $9.18 Tuesday, a gain of 404% from Monday’s opening price of $1.82.

The company said the test can currently only be purchased by “qualified” medical point-of-care providers such as physicians and medical facilities.

The test, which is manufactured by Palo Alto, California-based Nirmidas Biotech, was the first one based in the US to receive emergency use authorization by the Food and Drug Administration for point-of-care use, Precipio said.

“We look forward to working with other retail outlets, as well as with Nirmidas to advance this product into at-home use, following the receipt of appropriate FDA authorization,” said Precipio.

Amazon shares were down by 3% as part of a wider selloff on Tuesday.