Shares of Novacyt SA (LON: NCYT) surged 21.8% after the clinical diagnostics company released an update on its operations, revealing that it was part of the Public Health England (PHE) national framework agreement.
The company revealed its inclusion in the programme much later than its competitors, among other significant announcements.
The diagnostics company also revealed that it had expanded its lateral flow tests portfolio of COVID-19 rapid tests to include a test for professional use that rapidly detects antibodies in test samples in as little as 10 minutes.
Novacyt is also developing a next-generation lateral flow test that can detect and differentiate between SARS-CoV-2 IgG antibodies, expected to launch in Q3 2021. The firm is also developing an LFT that can detect SARS-CoV-2 antigens due for release on Q2, 2021.
The diagnostics company has also expanded its PCR testing company under the PROmate™ brand and its SNPsig® COVID-19 PCR genotyping portfolio to detect different SARS-CoV-2 variants.
Today’s announcement reaffirms Novacyt’s position as a market leader in the COVID-19 testing space, given its diverse portfolio of COVID-19 tests tackling all aspects of the virus that triggered a global pandemic and the resulting lockdowns.
From a technical perspective, Novacyt shares have bounced off a significant support level indicating that the downtrend, which has been in place since late January, could finally be over.
Bullish traders should find the current price pretty attractive since Novacyt shares are trading near the support level. However, nothing guaranteed in the markets, and the share price could reverse course and head lower.*
*This is not investment advice.
Novacyt share price.
Novacyt shares surged 21.85% higher to trade at 449.80p, having risen from Thursday’s closing price of 369.15p.