OPKO Health (OPK) Stock Is Rocketing On COVID-19 Testing News

Opko Health OPK Stock News

OPKO Health Inc. (NASDAQ: OPK) is making a run for the top in the market this morning, trading on gains of more than 50%. The stock is running as a result of news with regard to the company’s diagnostic testing for COVID-19. Here’s the scoop:

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OPK Stock Soars On Coronavirus Testing News

As mentioned above, OPKO Health is soaring in the market this morning. The gains come after the company made an announcement with regard to coronavirus diagnostic testing.

First and foremost, the company said that it is now accepting specimines for testing of COVID-19 from healthcare providers, clinics and health systems throughout the United States.

Moreover, the company’s subsidiary, BioReference, has partnered with the New York State Department of Health. Under the partnership, the company will provide testing for the first public drive-through testing facility on the East Coast.

In the release, OPK said that the drive-through facility will be located in New Rochelle, NY. This location is very important as it is the epicenter of the outbreak in New York State.

Moreover, as part of the partnership, OPK will see an influx of test specimens. In fact, the company said that it expects to begin offering up to 5,000 tests daily at additional satellite sites. These sites will be set up as soon as next week.

In a statement, Jon R. Cohen, M.D., Executive Chairman at BioReference Laboratories, had the following to offer:

Cases of COVID-19 are increasing across the US, making access to testing a critical component in helping healthcare providers identify infected patients more quickly. BioReference has been working expeditiously to develop and offer this test that will yield high-quality and accurate results. I believe that the private sector should be part of the solution in controlling the COVID-19 outbreak and am proud that BioReference can assist Governor Cuomo as he leads New York State through this crisis.

This News Is Huge

As we know, the coronavirus has spread around the world dramatically. In fact, just this week, the World Health Organization, or WHO, declared the issue a pandemic and sent the markets into a downward spiral.

One of the most important aspects of slowing the growth of a virus like this is accurate diagnostic testing. After all, it’s difficult to treat patients if you’re not sure what ailment is affecting them. Moreover, a lack of diagnostic testing means that those infected are more apt to spreading the virus.

This is where OPKO Health comes in. With this news, the company is quickly becoming a leader in coronavirus diagnostic testing in the United States. This is overwhelmingly important. After all, as the virus spreads, demand for testing will only grow. As such, this creates a tremendous opportunity for OPK and its shareholders.

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