Stock Alert: Rand Capital Shares Soar 86% In Pre-Market

(RTTNews) - Shares of Rand Capital Corp. (RAND) are surging over 85% in pre-market today, after the company announced that its portfolio company, Rheonix Inc. is developing a coronavirus (COVID-19) test kit for use on its Encompass MDx workstation.

Upon Rheonix's receipt of emergency use authorization (EUA) from the Food and Drug Administration (FDA), the new test will allow for the fully automated detection of SARS-CoV-2 in respiratory specimens, facilitating testing at small and medium-sized labs in distributed locations.

The fair value of Rand's investment in Rheonix was about $703,000 as of December 31, 2019.

The stock has been trading between $2.09 and $3.24 in the past one year, and closed Thursday's trade at $2.40, up 20 cents or 9.28%. RAND is currently trading at $4.49, up $2.09 or 86.76% in the pre-market trading session.