Abbott Labs’ at-home, $25 rapid COVID-19 test gets EUA from FDA

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Abbott Laboratories
ABT,
+0.18%

said Wednesday that its at-home BinaxNOW COVID-19 rapid COVID-19 test has been issued Emergency Use Authorization by the Food and Drug Administration. The company said BinaxNOW, which it says is the first at-home, virtually guided rapid test, can provide results in about 20 minutes, and will cost $25. The company and partner eMed expect to deliver and administer 30 million BinaxNOW at-home tests in the first quarter of 2021, and an additional 90 million in the second quarter. Abbott’s stock, which edged up 0.2% in afternoon trading, has rallied 24.0% year to date, while the SPDR Health Care Select Sector ETF
XLV,
-0.18%

has tacked on 9.8% and the S&P 500
SPX,
+0.11%

has gained 14.4%.



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