XpresSpa Group Receives Approval for Biosurveillance Tracking; Shares Rise 5.4%

Health and wellness company XpresSpa Group, Inc., (XSPA) recently announced that its subsidiary XpresCheck has received approval to go ahead with biosurveillance monitoring with the Centers for Disease Control and Prevention (CDC), in collaboration with Concentric by Ginkgo, at three major U.S. international airports.

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Following the news, shares of the company gained 5.4% to close at $1.75 in Friday’s trading session. However, it pared its gains by 2.9% and closed at $1.70 in extended trade.

With a value of $2 million, the program will span over eight weeks and will be initially conducted from India. The program will aim at identifying existing and new SARS-CoV-2 variants, including the highly contagious Delta variant and other new variants surfacing in the U.S.

The CEO of XpresSpa Group, Doug Satzman, said, “The program is being designed to help track the influx of new SARS-CoV-2 variants and create a mechanism to be deployed against infectious diseases going forward. Following the launch of this CDC-backed biosurveillance program, XpresCheck aims to further expand the relationship with the CDC and extend the program into all U.S. major international airports, with flights arriving from any high-risk countries in the near future.” (See XpresSpa Group stock chart on TipRanks)

Three months ago, H.C. Wainwright analyst Scott Buck reiterated a Buy rating on the stock with a price target of $3.50, implying 100% upside potential.

Overall, the stock has a Moderate Buy consensus based on 1 Buy. Shares have declined 42.2% over the past year.