Why GenMark's Stock Is Trading Higher Today

GenMark Diagnostics, Inc. GNMK shares are trading sharply higher on Friday, after the company received FDA emergency use authorization for its ePlex SARS-CoV-2 test.

The test is available in hospitals and labs across the U.S. and in more than 30 countries. Test results can be returned to doctors and patients quickly.

"Demand for our tests has been extraordinary, especially as centralized testing supply has been limited,” said Scott Mendel, interim CEO of GenMark Diagnostics.

“Our team is working 24/7 to fight this global pandemic and we are taking every step possible to continue this pace, including consulting with local, state, and federal agencies. The COVID-19 outbreak highlights the value of rapid, near-patient multiplex molecular diagnostics to the global healthcare ecosystem that enables better patient triage, bed management, and patient care decisions."

Shares were trading up 35% at $5.60 at time of publication Friday. The stock has a 52-week high of $8.17 and a 52-week low of $3.36.

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