Is Abbott Labs Stock a Screaming Buy Because of Its Game-Changing COVID-19 Test?

One of the biggest problems for healthcare professionals in the coronavirus pandemic has been the lack of tests to determine if patients have been infected by the virus. And even when tests were available to use, the results usually take days to come back. That's about to change -- thanks to Abbott Laboratories (NYSE: ABT).

Abbott won FDA Emergency Use Authorization (EUA) last Friday for a new point-of-care test for novel coronavirus disease COVID-19 that can deliver positive results in as quickly as five minutes and negative results within 13 minutes. The test runs on the company's ID NOW platform that's about the size of a toaster.

It's no exaggeration to say that Abbott's new test could be a game-changer in the fight against COVID-19. But is Abbott Labs stock now a screaming buy as a result of its promising new product?

Source Fool.com