Why Abbott Laboratories Stock Surged Today

Shares of Abbott Laboratories (NYSE: ABT) jumped 7.9% after the medical device leader announced that the U.S. Food and Drug Administration (FDA) had granted its COVID-19 test an emergency use authorization.  

Abbott's test is a game-changer. The healthcare titan calls it a "rapid, reliable, highly portable, and affordable tool for detecting active coronavirus infections at massive scale." With results ready in 15 minutes, a positive sensitivity rate of 97.1%, zero need for specialized equipment, and a cost of only $5, it's hard to argue against Abbott's claims.

Investors are excited about Abbott Laboratories' new coronavirus test. Image source: Getty Images.

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Source Fool.com