Biomerica Inc (NASDAQ: BMRA) was a top gainer in yesterday’s session and closed with gains of 55.34%. The stock’s rally was a continuation of an uptrend that started 3 days ago after the company announced that it had started the shipment of 10-minute tests for the COVID-19 virus. The company’s IgG/IgM rapid test works through a finger prick blood test that gives results in just 10 minutes. The company further announced that its tests can be done anywhere, including the workplace.
The company also announced that test kits had been requested by health ministries of many countries all across the world. It also announced that its distribution partners were working with governments all across the world to help forecast the demand for the kits.
The company stated that its disposable test kits differ from the current PCR test that is currently being used. Its serology tests have the capacity to find if a person had been exposed to the COVID-19 virus, even when they have not started showing symptoms. The company believes that this test will help government agencies focus on people who have recently come in contact with infected persons. The company furthers stated that unlike the PCR tests that require results to be sent to a lab, its near-instant results makes COVID-19 testing much cheaper.
It also announced that it had started an application with the FDA as per the COVID-19 Emergency Use Authorization (EUA) The company also announced that it had filed a provisional patent for a technology that can be used to identify a number of other viruses such as SARS and MERS.
Looking at its price action, BMRA is in a strong uptrend. The stock opened the day at $19.80 and traded between a low of $13.60 and a high of $23.39, before closing the day at $16. Volumes in the day stood at 19.85 million.
About Biomerica Inc
Biomerica Inc is a developer and manufacturer of early detection systems for chronic diseases. It is based in Irvine, California.