Stock Alert: Quotient Rises 12%

(RTTNews) - Shares of Quotient Limited (QTNT) are climbing more than 12% Thursday morning. The stock has been ticking up for the past two days after the company completed the development phase of a microarray based SARS-CoV-2 (COVID-19) antibody test on Monday.

The fully automated high throughput MosaiQ system can process up to 3000 antibody tests per day.

The company plans to start manufacturing at its facility in Switzerland and to provide the tests to Europe using an RUO label. It also expects to initiate the steps necessary for CE mark approval as well as FDA Emergency Use Authorization for SARS-CoV-2 test.

QTNT, currently at $6.05, has gained nearly 65% in the past three days. It has traded in the range of $2.40- $11.30 over the past 52-weeks.