Fluidigm Soars 16% As Covid-19 Saliva Test Selected In US; Analyst Sees 78% Upside, , on October 18, 2020 at 1:31 pm

Financial News
By
On October 18, 2020
In Financial News
Tags:

Shares in Fluidigm spiked 16% in Friday’s extended market session after the company’s Covid-19 saliva test was selected by the Trump Administration for use in a US federal program at testing sites in Texas.Waco, Texas, is the first community to offer Covid-19 saliva testing through the US federal program starting October 16. The Fluidigm  (FLDM) saliva test will be offered at 3 sites through mid-November. Fluidigm’s test that uses samples of saliva collected by spitting into a sterile container, detects SARS-CoV-2, the virus that causes Covid-19, on a molecular level using a microfluidics platform.The US federal program provides Covid-19 testing sites for a limited period in areas where there has been a recent and significant increase in the number of new virus cases and hospitalizations.  The program is administered by the U.S. Department of Health and Human Services (HHS) in partnership with local communities and private companies. HHS has shipped 10,000 Fluidigm saliva tests to select Waco, Texas sites.The Fluidigm integrated microfluidics platform used in the saliva test can generate as many as 6,000 test results per day. With many existing Fluidigm instruments in clinical and research labs throughout the U.S., the company is now expanding its microfluidics manufacturing capacity and developing a novel barcoding chemistry to further boost testing.As it is saliva-based, the Advanta Dx SARS-CoV-2 RT-PCR test does not require collection via invasive nasopharyngeal swab. The accuracy of the test is comparable to other molecular-level tests of nasal swab samples, according to results from a clinical study. Back in August Fluidigm received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the saliva test.Shares in FLDM, which have spiked over 94% year-to-date, are down 13% over the past 5 days. The stock scores a cautiously optimistic Moderate Buy Street consensus based on 2 recent Buy ratings. Meanwhile the $14 average analyst price target indicates a promising 107% further upside potential from current levels.Piper Sandler’s Steven Mah at the end of last month reiterated a Buy rating on the stock with a $12 price target (78% upside potential), noting that FLDM “has opportunistically shifted to Covid-19 testing”.Mah believes that CLIA lab testing and rapid point-of-care (POC) testing can “co-exist without cannibalizing each other”. The analyst added that he would be a buyer of Fluidigm given the recent pullback. (See FLDM stock analysis on TipRanks)Related News: Eli Lilly Pauses Late-Stage Covid-19 Antibody Trial Over Safety Concerns PerkinElmer Raises 3Q Sales Outlook Fueled By COVID-19 Testing Demand J&J Halts Covid-19 Vaccine Trial Due To ‘Unexplained Illness’ More recent articles from Smarter Analyst: * First Citizens, CIT To Merge Into $100B US Regional Lender; Shares Spike * Loop Drops 6% On SEC Subpoena; Roth Sees 104% Upside * Macy’s Or TJX: Which Retail Stock Is The Street’s Better Pick? * Eli Lilly To Snap Up Disarm In $135M Deal; Street Stays Bullish,

Fluidigm Soars 16% As Covid-19 Saliva Test Selected In US; Analyst Sees 78% UpsideShares in Fluidigm spiked 16% in Friday’s extended market session after the company’s Covid-19 saliva test was selected by the Trump Administration for use in a US federal program at testing sites in Texas.Waco, Texas, is the first community to offer Covid-19 saliva testing through the US federal program starting October 16. The Fluidigm  (FLDM) saliva test will be offered at 3 sites through mid-November. Fluidigm’s test that uses samples of saliva collected by spitting into a sterile container, detects SARS-CoV-2, the virus that causes Covid-19, on a molecular level using a microfluidics platform.The US federal program provides Covid-19 testing sites for a limited period in areas where there has been a recent and significant increase in the number of new virus cases and hospitalizations.  The program is administered by the U.S. Department of Health and Human Services (HHS) in partnership with local communities and private companies. HHS has shipped 10,000 Fluidigm saliva tests to select Waco, Texas sites.The Fluidigm integrated microfluidics platform used in the saliva test can generate as many as 6,000 test results per day. With many existing Fluidigm instruments in clinical and research labs throughout the U.S., the company is now expanding its microfluidics manufacturing capacity and developing a novel barcoding chemistry to further boost testing.As it is saliva-based, the Advanta Dx SARS-CoV-2 RT-PCR test does not require collection via invasive nasopharyngeal swab. The accuracy of the test is comparable to other molecular-level tests of nasal swab samples, according to results from a clinical study. Back in August Fluidigm received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the saliva test.Shares in FLDM, which have spiked over 94% year-to-date, are down 13% over the past 5 days. The stock scores a cautiously optimistic Moderate Buy Street consensus based on 2 recent Buy ratings. Meanwhile the $14 average analyst price target indicates a promising 107% further upside potential from current levels.Piper Sandler’s Steven Mah at the end of last month reiterated a Buy rating on the stock with a $12 price target (78% upside potential), noting that FLDM “has opportunistically shifted to Covid-19 testing”.Mah believes that CLIA lab testing and rapid point-of-care (POC) testing can “co-exist without cannibalizing each other”. The analyst added that he would be a buyer of Fluidigm given the recent pullback. (See FLDM stock analysis on TipRanks)Related News: Eli Lilly Pauses Late-Stage Covid-19 Antibody Trial Over Safety Concerns PerkinElmer Raises 3Q Sales Outlook Fueled By COVID-19 Testing Demand J&J Halts Covid-19 Vaccine Trial Due To ‘Unexplained Illness’ More recent articles from Smarter Analyst: * First Citizens, CIT To Merge Into $100B US Regional Lender; Shares Spike * Loop Drops 6% On SEC Subpoena; Roth Sees 104% Upside * Macy’s Or TJX: Which Retail Stock Is The Street’s Better Pick? * Eli Lilly To Snap Up Disarm In $135M Deal; Street Stays Bullish

,

Instant Quote

Enter the Stock Symbol.

Select the Exchange.

Select the Type of Security.

Please enter your First Name.

Please enter your Last Name.

Please enter your phone number.

Please enter your Email Address.

Please enter or select the Total Number of Shares you own.

Please enter or select the Desired Loan Amount you are seeking.

Please select the Loan Purpose.

Please select if you are an Officer/Director.

High West Capital Partners, LLC may only offer certain information to persons who are “Accredited Investors” and/or “Qualified Clients” as those terms are defined under applicable Federal Securities Laws. In order to be an “Accredited Investor” and/or a “Qualified Client”, you must meet the criteria identified in ONE OR MORE of the following categories/paragraphs numbered 1-20 below.

High West Capital Partners, LLC cannot provide you with any information regarding its Loan Programs or Investment Products unless you meet one or more of the following criteria. Furthermore, Foreign nationals who may be exempt from qualifying as a U.S. Accredited Investor are still required to meet the established criteria, in accordance with High West Capital Partners, LLC’s internal lending policies. High West Capital Partners, LLC will not provide information or lend to any individual and/or entity that does not meet one or more of the following criteria:

1) Individual with Net Worth in excess of $1.0 million. A natural person (not an entity) whose net worth, or joint net worth with his or her spouse, at the time of purchase exceeds $1,000,000 USD. (In calculating net worth, you may include your equity in personal property and real estate, including your principal residence, cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.)

2) Individual with $200,000 individual Annual Income. A natural person (not an entity) who had individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

3) Individual with $300,000 Joint Annual Income. A natural person (not an entity) who had joint income with his or her spouse in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

4) Corporations or Partnerships. A corporation, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring an interest in the Corporation or Partnership.

5) Revocable Trust. A trust that is revocable by its grantors and each of whose grantors is an Accredited Investor as defined in one or more of the other categories/paragraphs numbered herein.

6) Irrevocable Trust. A trust (other than an ERISA plan) that (a)is not revocable by its grantors, (b) has in excess of $5 million of assets, (c) was not formed for the specific purpose of acquiring an interest, and (d) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Trust.

7) IRA or Similar Benefit Plan. An IRA, Keogh or similar benefit plan that covers only a single natural person who is an Accredited Investor, as defined in one or more of the other categories/paragraphs numbered herein.

8) Participant-Directed Employee Benefit Plan Account. A participant-directed employee benefit plan investing at the direction of, and for the account of, a participant who is an Accredited Investor, as that term is defined in one or more of the other categories/paragraphs numbered herein.

9) Other ERISA Plan. An employee benefit plan within the meaning of Title I of the ERISA Act other than a participant-directed plan with total assets in excess of $5 million or for which investment decisions (including the decision to purchase an interest) are made by a bank, registered investment adviser, savings and loan association, or insurance company.

10) Government Benefit Plan. A plan established and maintained by a state, municipality, or any agency of a state or municipality, for the benefit of its employees, with total assets in excess of $5 million.

11) Non-Profit Entity. An organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, with total assets in excess of $5 million (including endowment, annuity and life income funds), as shown by the organization’s most recent audited financial statements.

12) A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

13) A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

14) A broker-dealer registered under the Exchange Act.

15) An insurance company, as defined in Section 2(13) of the Securities Act.

16) A “business development company,” as defined in Section 2(a)(48) of the Investment Company Act.

17) A small business investment company licensed under Section 301 (c) or (d) of the Small Business Investment Act of 1958.

18) A “private business development company” as defined in Section 202(a)(22) of the Advisers Act.

19) Executive Officer or Director. A natural person who is an executive officer, director or general partner of the Partnership or the General Partner, and is an Accredited Investor as that term is defined in one or more of the categories/paragraphs numbered herein.

20) Entity Owned Entirely By Accredited Investors. A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an Accredited Investor, as that term is defined in one or more of the categories/paragraphs numbered herein.

Please read the notice above and check the box below to continue.

Singapore

168 Robinson Road,
Capital Tower, Singapore 068912
+65 3105 1295

Taiwan

5th Floor, No. 1-8, Section 5, Zhongxiao East Road, Taipei

Hong Kong

R91, 3rd Floor,
Eton Tower, 8 Hysan Ave.
Causeway Bay, Hong Kong
+852 3002 4462

Australia

44 Martin Place, Sydney 2000 Australia
+02 8319 3232

Indonesia

Millennium Centennial Center, 38th Floor, Jl. Jend. Sudirman Kav. 25
Jakarta 12920, Indonesia

Market Coverage