Precipio Inc (NASDAQ: PRPO) is trading at $3.80 at the time of this write-up, up 15.50% over past 5 trading session. Around 29.91 millions shares traded in yesterday’s trading session. Once considered dead, the specialty diagnostics company has shown some huge signs of life. In April 2020, the stock had bottomed at 58 cents; now, it is up at $4.17. We have also seen this stock move up to $9.20 after the pandemic pushed rapid test sale on Amazon.com, Inc. (NASDAQ: AMZN).
Even with COVID cases going down, testing remains essential
The pandemic doesn’t seem to be settling down in the near future, even as the number of cases suppress. Wave-after-wave, the testing is one tool that becomes essential. Vaccines aren’t the fool-proof formula to win over COVID-19. People who have been vaccinated completely are still infected. Testing is most likely to be our only way of defense and will probably stick around for long. This will continue to push Precipio’s stock up.
Precipio Stock and Amazon Deal connection
There’s some good deal ensuring positive numbers. First, the company was among the first ones to receive FDA’s nod for emergency use authorization regarding a 20-minute instant or rapid antibody test. Secondly, the tests that the company makes available make use of a receptor-binding domain (RBD), which are specific to coronavirus-antibodies. Third point is that the accuracy of these tests in finding out Immunoglobulin M (IgM) antibodies is high. The company says that IgM is the first development, and it can indicate immune response. Thereafter it is possible to detect Immunoglobulins (IgG) six days after virus onset.
There has been a keen interest among folks after the antibody test was launched on Amazon for medical providers. The tests can successfully pick which patients suffering from this disease can develop immunity.
Talking of financial health
Speaking on the financial terms, the company’s revenue in the first quarter has seen a 50% hike from the previous year as it reported a $1.82 million figure. The net income is reported at $ -1.45 million, which is again up 54.70% on a YoY basis. So there seems to be some positive traction on the stock.