Enzo Biochem ENZP Stock News

Enzo Biochem, Inc. (NYSE: ENZ) is making yet another run for the top in the market this morning, following up on the tremendous gains seen in the stock Friday. It all started when the company announced that it would begin testing for COVID-19. Here’s what’s happening:

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ENZ Stock Climbs On Coronavirus Diagnostic Testing

As mentioned above, on Friday, Enzo Biochem said that it would begin testing for the Wuhan coronavirus. In the press release, the company said that it would begin accepting specimins for testing this week.

The company pointed to its several years of experience in processing specimens for the detection of viruses. The company uses molecular testing that determines if viral RNA is present in respiratory specimens collected by healthcare providers from their patients.

ENZ said that it is concurrently applying expertise in molecular diagnostics to develop a next generation diagnostic test that will detect the novel coronavirus.

Importantly, the company’s tests are not only accurate, they protect those that collect the specimen. In fact, the company provides virus-inactivating specimen collection media. This helps to reduce the risk of transmission to healthcare providers and clinical laboratory personnel.

At the moment, the company is in conversations with the United States CDC with regard to the implementation of its enhanced diagnostic testing features. In a statement, Dr. Elazar Rabbani, CEO at ENZ, had the following to offer:

Clinical laboratories play a vital role in combatting serious challenges to public health, including those posed by COVID-19. We are pleased to be able to rapidly respond to the urgent need for this test and we remain committed to working with our industry partners to address this challenge.

Why Investors Are So Excited

There’s good reason for all of the excitement here. First and foremost, we all know that the coronavirus is spreading around the world quickly. In order to efficiently fight and stop the spread of the virus, diagnostic tools that not only provide accurate results, but protect those who collect and test specimens is overwhelmingly important. Enzo Biochem hits both of these nails on the head.

Moreover, there are several diagnostics companies out there, many of which are likely working on coronavirus-related testing. However, only two companies have announced that they would begin testing this week. ENZ is one of these companies and the other is OPKO Health (OPK).

With only two companies offering diagnostic testing for COVID-19, there is a massive market opportunity available with very little competition to contend with. Of course, as testing starts, revenue will roll, making ENZ stock one to watch!

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