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Quidel also announced it has been named the official diagnostics partner of the San Diego Padres Major League Baseball team.
With $10 billion in federal funding supporting school screening, labs, vendors, and various other institutions are ramping up efforts to roll out K-12 testing programs.
Of the 31 companies in the index, 11 firms saw their stock prices increase, while 20 saw their share prices decline.
The latest US Food and Drug Administration Emergency Use Authorizations allow the tests to be used for serial testing in asymptomatic individuals.
The program, which will provide supplies of rapid, at-home antigen tests, aims to determine if frequent self-testing can reduce community transmission of the virus.
Quidel's guidance announcement cited an approximately 40 percent decrease in demand for its SARS-CoV-2 tests.
The test is the fourth rapid, antigen test for SARS-CoV-2 by Quidel to receive EUA from the FDA. It received the first EUA for a rapid, COVID-19 antigen test last May.
Of the 32 companies in the index, 14 firms saw their stock prices increase, while 18 saw their share prices decline.
The firm's over-the-counter claim submission is delayed because it has been unable to find the required number of positive cases among asymptomatic people.
The firm's rapid immunoassay revenues jumped ninefold due to more than $587 million in sales of SARS-CoV-2 viral antigen tests.