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Enzo Biochem Shares Rise 60% as the Firm Commences COVID-19 Lab Testing

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Shares of Enzo Biochem traded higher after the company advised that they will launch coronavirus testing services starting next week.

Enzo Biochem Inc. (ENZ:NYSE) today announced that "its wholly owned subsidiary, Enzo Clinical Labs Inc., will begin accepting specimens for novel Coronavirus (COVID-19) testing next week."

The firm noted that COVID-19 virus has infected more than 93,000 people globally including recent detections in the U.S. The company claimed that "it has many years of experience processing specimens for the detection of viral pathogens and that the test the firm employs is a molecular test that determines the presence of viral ribonucleic acid (RNA) in respiratory specimens collected from patients by healthcare providers."

The company's CEO Dr. Elazar Rabbani commented, "Clinical laboratories play a vital role in combating serious challenges to public health, including those posed by COVID-19. We are pleased to be able to rapidly respond to the urgent need for this test and we remain committed to working with our industry partners to address this challenge."

The firm advised that it is also actively engaged in development efforts for the next generation COVID-19 testing option. The company indicated that its new and innovative testing process includes virus-inactivating specimen collection media to lessen transmission risks for healthcare workers and clinical laboratory testing staff. The firm stated that it is consulting with the U.S. Centers for Disease Control and Prevention (CDC) on implementing enhanced testing capabilities.

Enzo Biochem is based in Farmingdale, N.Y., and stated that it is a "pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and intellectual property through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards." The firm reported that it has extensive enabling technologies and platforms and that its intellectual property portfolio includes 406 issued patents worldwide with more than 75 new pending patent applications.

Enzo Biochem started the day with a market capitalization of around $107.5 million with approximately 47.5 million shares outstanding. ENZ shares opened nearly 50% higher today at $3.35 (+$1.09, +48.23%) over yesterday's closing price of $2.26. The stock has since traded higher today between $2.86 and $3.77 per share and is currently trading at $3.60 (+$1.38, +62.16%).

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