Lumos (ASX:LDX) shares trade higher amid RAT mania

Highlights

  • Lumos shares are trading higher today amid CovidX RAT test mania.
  • The global demand for Lumos’ RAT test has been increased in recent weeks.
  • Lumos is one of the few Aussie companies waiting for the TGA approval.

Shares of Lumos Diagnostics Holdings Ltd (ASX:LDX) are surging today as Lumos waits for TGA approval. 

LDX shares traded 1.96% higher at AU$1.04 per share at 1:07 PM AEDT.

The stock has been increasing in the recent weeks on increasing global demand for COVID—19 RAT tests. It has gained 32% over the last month and has been trading at AU$1.500 on its 52-week high. 

Lumos approached the Australian Federal and State governments for local production of COVID rapid antigen tests (RATs) last year which is still waiting for an approval.

Related read - How Michael Hill reported record Christmas sales despite COVID-19 closures

As per media reports, the executive chairman of Lumos said that the Company was providing proposals by mid-2020 to set up the domestic capability of COVID-19 RATs. But the Australian Federal government preferred the gold standard PCR test over LDX’s paid rapid antigen tests. 

Lumos is one of the few Aussie companies waiting for the TGA approval for its test, despite applying in September 2020. Hence, it developed its manufacturing capability in Florida and California, providing our range of tests into the US, European and Canadian markets. 

LDX’s CoviDX RAT can deliver results within 15 minutes of a viral swab, which will be launched in FY22 on pending approvals.

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