The investment bank said it believes OraSure will obtain an FDA Emergency Use Authorization for its COVID-19 antigen test that could lift its stock price.
As the US tries to get more people tested, rapid antigen tests have moved to the forefront of that effort as they can provide results more quickly than PCR-based tests.
The study currently tests 28,000 people every two weeks and will expand to 150,000 by October, with the aim to increase to 400,000 people across the country.
Quidel sued Siemens Healthineers claiming false advertising associated with a competing assay that measures thyroid-stimulating immunoglobins to detect Graves' disease.
About 3.4 million people, or 6 percent of the population in England, was likely infected by SARS-CoV-2 by July 13. People of color had higher rates of infection.
The company missed analyst estimates on the top line and provided guidance for its full fiscal year 2020 revenues to decrease 2.5 to 3.0 percent as reported.
The viral assay, developed with Sentinel Diagnostics, improves the ability to monitor viral loads in critical organ transplant populations for the clinical management of infection.
CEO Doug Bryant noted, in particular, what he expects will be a hunger for rapid protein-based antigen tests for the coronavirus that the market currently can't fill.
The company's BD Veritor Plus SARS-CoV-2 assay, which has FDA Emergency Use Authorization, is designed to detect viral antigens in nasal swab specimens.
