The coronavirus pandemic has not only been a historic healthcare crisis but it has created massive economic turmoil as well and hence, there is a lot of clamor for a vaccine. As a result, companies that are working on COVID 19 vaccines have seen their stocks making significant gains in recent times and one of the companies to have come into focus recently is Biocept Inc (NASDAQ:BIOC).
Major Triggers
Earlier this week, the company made a major announcement with regards to its testing capabilities and that resulted in a strong rally in the stock. This week so far, the Biocept stock has soared by as much as 35% and it could be worthwhile for investors to take a closer look at the company’s operations.
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On August 3 the company announced that it had received as many as 7000 specimens and ended up processing as many as 6500 of those using its RT-PCR technology. The tests were conducted at the company’s high complexity molecular lab which is certified by CLIA and accredited to CAP. In addition to that, it has also emerged that Biocept has distributed almost 12000 19 PCR specimen collection kits so far.
However, that is not all. At this point, the company has around 18000 collection kits that have already been assembled and ready for instant distribution. The large number of COVID 19 test results were reported by Biocept directly to the healthcare providers. The reports had been provided within 48 hours of the submission of the samples.
The significant capacity enjoyed by Biocept has possibly been identified as a major positive by investors and hence, the rally in the stock is perhaps not a big surprise. Considering the fact that the coronavirus pandemic has shown no signs of abating, Biocept is probably going to have its hands full and that is something that investors need to consider as well. The stock’s performance this week is likely to attract the attention of many investors and in this sort of situation, it remains to be seen if the Biocept stock can add to its gains over the coming days or not.
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Biocept is primarily involved in COVID 19 testing activities in California and the testing numbers are rising sharply as the state tries to control the pandemic. Biotech is based out of San Diego and hence, it is in a position to be one of the major contributors to the testing drive. At this point, in excess of 100000 tests are being conducted across the state and it should be noted that despite the decline in the number of cases, the positivity rate is currently at 6%. Hence, Biocept and its testing service could be in play for some time yet.
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