Here's Why Fluidigm Soared as Much as 58.6% Today
Shares of Fluidigm (NASDAQ: FLDM) rose over 58% today after the company announced it was selected to receive up to $37 million from the National Institutes of Health through the agency's Rapid Acceleration of Diagnostics (RADx) program. The funding is intended to develop methods for expanding the country's testing capacity for SARS-CoV-2 tests using the company's microfluidics technology.
The initial tranche of funding is only $12 million, but Fluidigm could receive the full amount depending on deliverables. Beyond that, the business could receive a significant boost if its fleet of machines can be used to detect positive and negative cases of SARS-CoV-2, although the details are a bit fuzzy.
As of 2:53 p.m. EDT, the small-cap stock had settled to a 20.2% gain.
Source Fool.com
