Virax Biolabs Stock Soars On Avian Flu Test Kit Agreement: What's Going On?

Virax Biolabs Group Ltd VRAX shares are trading higher on abnormally high volume Tuesday after the company announced an agreement for the distribution of an Avian Influenza A Virus (AIV) real-time PCR test kit.

What To Know: Virax entered into an agreement to distribute its AIV test kit to European markets. The test kit detects and differentiates ribonucleic acid from AIV and the H5, H7 and H9 subtypes, including the H5N1 strain that has been spreading in Europe.

The test kit is designed for use in lab settings and also serves as a valuable initial screening test for individuals that have been exposed to high-risk environments. 

"We continue to expand our ViraxClear distribution platform to bring test solutions to a widening range of viral threats. With a real-time PCR test kit poised to accurately and reliably detect AIV, including the deadly H5N1 strain, we expect to facilitate rapid and potentially life-saving interventions especially in vulnerable jurisdictions," said James Foster, chairman and CEO of Virax.

Related Link: EXCLUSIVE: Virax Biolabs Starts Distribution Of Avian Flu Test Kits In Europe

Virax is an innovative diagnostics company focused on the prevention, detection, and diagnosis of viral diseases. Virax's average session volume is approximately 463,000. Tuesday's trading volume has already exceeded 16 million at publication time.

VRAX Price Action: Virax has a 52-week high of $29 and a 52-week low of 54 cents per share.

The stock was up 133.8% at $1.55 at the time of writing, according to Benzinga Pro.

Photo: StockSnap from Pixabay.