Why Virax Biolabs Stock Is Soaring

Virax Biolabs Group Ltd VRAX shares are trading higher Tuesday after the company announced the distribution of Monkeypox Virus Antigen Rapid Test Kits, which have been launched in markets accepting the CE mark, such as the European Union.

The test kits are for use in point of care settings and can help healthcare professionals accurately identify a monkeypox infection in people suspected of carrying the monkeypox virus. Results are typically available in 15 minutes. 

"We are working diligently to distribute the kits as well as the previously announced Monkeypox and Varicella Zoster Viruses Real Time PCR Detection Kits into the hands of healthcare practitioners as quickly as possible," said James Foster, chairman and CEO of Virax.

Virax is a diagnostics company focused on the prevention, detection and diagnosis of viral diseases, with a particular interest in the field of immunology.

Related Link: EXCLUSIVE: Newly Listed Virax Biolabs Launches Monkeypox Antigen Rapid Test

VRAX Price Action: Virax has a 52-week high of $29 and a 52-week low of $2.42.

The stock was up 39.7% at $3.45 Tuesday morning, according to Benzinga Pro.

Photo: NIAID from Flickr.