Enzo Biochem ENZP Stock News

Enzo Biochem, Inc. (NYSE: ENZ) is flying in the market this morning, trading on gains of more than 30% in the premarket hours. The gains come after the company announced the launch of its coronavirus testing kit. Here’s what’s going on:

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ENZ Stock Heads Up On Coronavirus Test Launch

In the press release, Enzo Biochem said that its Comprehensive COVID-19 testing kit has  been approved under the FDA’s Emergency Use Authorization authority. The kits include a collection system, sample processing and molecular analytic products that address and circumvent the supply shortfalls throughout the diagnostics market.

In the release, ENZ said that its new COVID-19 test features improved scale, sensitivity, and more relevant positive control materials. Importantly, the company’s control, RNAseP, confirms the presence of human mucosa cells within the specimen. This helps to ensure that collections are done properly.

Importantly, the test offered by the company is a rapid test. Ultimately, this means that results will be available within 10 minutes of collecting the sample. In a statement, Dr. Elazar Rabbani, CEO at ENZ, had the following to offer:

Enzo is uniquely positioned to address the COVID-19 pandemic from multiple angles. We have an open molecular diagnostic system with complete capabilities from sample collection to processing, detection, and analytics. Our open system allows for adoptability with regards to reagents, supplies, and instruments. This system can be used for the current COVID-19 crisis, and furthermore it can be repurposed for any current or future infectious agent diagnosis. Our solutions are available as full system product sales or as individual components. We have launched this platform, now available for purchase, and are also processing tests at our CLIA laboratory, where we have current capacity of 2,000 COVID-19 molecular tests per day and can expand to meet market demand.

Why This News Is So Exciting

There’s good reason that investors are so excited about the diagnostic tools by Enzo Biochem becoming available. First and foremost, while there are plenty of company’s offering diagnostic testing, there is still a major need for more in the market.

We hear a lot about the economies in specific states starting to reopen in the face of the COVID-19 pandemic. One of the main topics in these discussions has been adequate testing. In order for economies to be reopened, we need to have testing on a massive scale. Ultimately, this means that there’s plenty of business for all involved in the space.

With ENZ having the ability to offer rapid tests to the market, just about all of its inventory is likely to be sold as demand will only rise from here. So, if you’re not already watching this stock, it’s time to start.

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