Abbott Laboratories (NYSE: ABT) was has made a V-shaped recovery after its recent dip, and it now has some big news.  Yesterday, the company announced that the FDA had approved its rapid coronavirus test under the authority’s emergency authorization powers.

The kit in question is a small, easy to carry kit that has the capacity to detect the coronavirus in under 5 minutes.  President Trump weighed in on the development stating that the FDA was able to grant the authorization in less than a month. President Trump further said that, what Abbott was doing was a whole different ballgame and that he was grateful to the company for the work they had done.

Abbott also announced that with the approval, it was hoping to deliver a minimum of 50k tests a day.   The company also added that it planned to start making deliveries this week.  Commenting on the news, COO Robert Ford said that there was a need to fight COVID19 from many fronts and that a rapid test kit that offers results in a few minutes was part of several solutions that the situation requires. He further stated that, with the launch of the rapid tests, healthcare providers would be in a position to offer molecular point-of-care tests without being confined to a hospital.

Besides the tests, Abbott Labs continues to work with health care providers and governments for the supply of m2000 systems.  Looking at its price action, ABT eased up in Friday’s session after several days of gains. It opened the day at $77.50 and traded between a high of $77.50 and a low of $73.61, before closing at $74.56. Volumes stood at 8.36 million.

About Abbott Laboratories

Abbott Laboratories makes and distributes healthcare products globally. It is based in Abbott Park, Illinois.