Sharebuyers article21 Jan 2021 20:00
COVID stocks soar as UK targets 2m British made rapid tests per day
January 21, 2021ShareBuyers Editorial Team
Shares in UK-based diagnostics firms with a focus on lateral flow tests surged today after it was revealed that the government is on the search for domestic providers who can help scale up diagnostic manufacturing technologies in the UK.
The move was announced by the government as it handed PA Consulting £6.2m to draw up the plans as it seeks to push ahead with its ‘moonshot’ testing programme and product up to 2 million tests per day.
According to the FT, one of the main elements of PA Consulting’s work is to identify suitable British manufacturers of lateral flow devices, capable of providing results in under 30 minutes with a view to achieving 2m tests per day by April 2021.
So far the UK has relied on foreign imports for these tests, gaining them from the likes of Korea, US and China. However, now the government is intent on going British with professor John Bell stating “we’re under strict instructions to find UK-based LFDs’.
The DHSC added that it will be providing further details of the companies that will be developing lateral flow tests ‘in the coming weeks’.
Another boost for lateral flow tests; new study backs their relevance
Today’s news of a renewed focus on lateral flow tests was supported by other reports that contradicted previous scepticism on lateral flow tests in general.
The research by Oxford University and Public Health England shown renewed faith in rapid tests to help lift restrictions as data shown they could catch around 90 percent of infectious cases.
An emerging view is that they will be key to opening up society again given their ease of use.
Today’s winners and perhaps tomorrow’s…
Shares in Omega Diagnostic’s were among the big winners from today’s encouraging news – gaining more than 15 percent.
Omega Diagnostics was also joined by fellow UK-Rapid Test Consortium member Abingdon Health that recorded a 10 percent gain.
Elsewhere, shares in Avacta received a healthy boost as it continues its climb back to 150p from recent lows of 100p.
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