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Fusion Antibodies Share Price Soars on Covid-19 Test Development News

The Fusion Antibodies (FAB) share price rallied over 100% on Friday after news that the company had developed high-purity antigens that could be used in Covid-19 testing kits. The Northern Ireland research firm said the antigens were scalable for commercial use and would now be offering them to companies around the world.

Fusion was created in 2001 as a spin-out from Queen’s University designed to engineer antibody services for drug and diagnostic applications. Unlike other test antigens, Fusion’s are able to confirm recent past infections and determine levels of neutralising antibodies to Covid-19. In a statement, the company said, “This could be invaluable for disease modelling and public health policy, as it will assist in the determination of true transmission rates and case fatality rates”.

The company trades with a market capitalization of around £50 million on the latest news. In its results released on August 19th, the company reported full-year revenues were up 79% to £3.9m and the company saw a loss of £0.7m for the year, with a cash position of £1.5m.

The company’s CEO Paul Kerr commented on the latest news: “According to the FDA, antigen tests will play a critical role in the fight against Covid-19 and like many other companies within the antibody world at large, we are leveraging our antigen expertise to create multiple antigens to be used against the Covid-19 pandemic.”. 

FAB Share Price Technical Outlook

Fusion shares saw a surge in April to the all-time highs near 225 and after falling to lows of 65 in July, the market is now testing the highs again. A close above the highs would’ve been preferable but there is still a chance for news-related volumes. The Investing Cube team is available to assist all levels of traders with a Forex Trading Course or one-to-one coaching.   

FAB Share Price Daily Chart