Trinity Biotech TRIB Stock News

After seeing that Trinity Biotech plc (NASDAQ: TRIB) was up more than 55% early on this morning, I decided to do some digging. Unfortunately, I couldn’t find any news issued by the company. There were no press releases or SEC filings. In fact, the company seems to communicate very little with investors.

In my search to find out why TRIB was gaining, I found a rumor spreading across social media. The rumor is that the company is providing diagnostic testing for COVID-19, also known as the Wuhan Coronavirus. While the rumor is sending the stock for the top, it doesn’t seem to be true. Here’s what’s happening:

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TRIB Stock Rockets On False Claims Of COVID-19 Diagnostic Testing

A quick look on the StockTwits Board for Trinity Biotech will show quite a bit of chatter about the idea that the company is providing diagnostic testing for the Wuhan Coronavirus. After seeing so many messages saying this, I decided to do some digging to see if it was true.

After my search, it became clear that, at least at the moment, TRIB does not have any diagnostic testing kits for the novel coronavirus. In fact, see the screenshot below of a search on the company’s website for coronavirus.

TRIB Website Search for Coronavirus

With the company’s own website yielding zero results for the coronavirus, COVID-19 or even Wuhan, it’s clear that as of now, the company is not providing coronavirus testing.

What To Expect Ahead

Moving forward, this rumor is likely to continue spreading through the market today. However, very soon, I’m expecting for profit taking to start to take hold as savvy investors start to do research before blindly buying into the rumor.

As mentioned above, TRIB is not providing a diagnostic testing for the Wuhan Coronavirus. In fact, none of the company’s products are related to the Coronavirus in any way. As investors uncover this fact, the stock is likely to fall back to where it was.

So, if you plan on taking advantage of this move, please be sure to move with caution.

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