Quanterix Wins FDA Approval For Covid-19 Antibody Test; Shares Rise 6%

Quanterix Corp. on Dec. 28 announced that the US Food and Drug Administration (FDA) has approved the Emergency Use Authorization (EUA) for its Simoa Semi-Quantitative SARS-CoV-2 IgG Antibody Test. Shares gained 5.9% at pre-market trading on Tuesday.

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Quanterix’s (QTRX) test can be run on the Simoa HD-X Analyzer which is an automatic high-throughput immunoassay instrument. The Simoa Semi-Quantitative SARS-CoV-2 antibody test targets spike protein antibodies that are directed against the region of the coronavirus.

The Simoa Semi-Quantitative SARS-CoV-2 is tailored to measure the antibody response to vaccine therapy. The assay might also be used for measurement of IgG antibodies in patients suspected of previous infection or recent SARS-CoV-2 exposure. The test provides a numerical result representing an antibody concentration range between 0.21 to 250 mg/mL.

Last week, Canaccord Genuity analyst Max Masucci reiterated a Buy rating on the stock with a price target of $54 (12.4% upside potential).

Masucci expects the company to make progress with its development of a high-sensitivity antigen test for accurate diagnosis of COVID-19 in asymptomatic patients. The analyst believes that QTRX could become a multi-year winner in the research and clinical markets.

Overall, the rest of the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 2 unanimous Buys. (See QTRX stock analysis on TipRanks)

With shares, up 103% year-to-date, the average price target stands at $52 and implies 8.2% upside potential at current levels.