Virax Biolabs (VRAX) stock pops over 40% at market open; Here's why

3 min read | November 03, 2022 07:52 AM PDT | By Rupam Roy

Virax Biolabs (VRAX) stock pops over 40% at market open; Here's why — Image source: © Blackboard373 | Megapixl.com

Why VRAX stock is soaring today?

Virax Biolabs is a London-based biotechnology and disruptive medical technology firm that aims to help in preventing, diagnosing, and providing protection against viral diseases. The company primarily operates through its three segments, which are Virax Immune, Virax Care, and Virax Clear.

The company said on Thursday, that it has started distributing a triple virus antigen rapid test kit. The company has started distributing the test kits in markets like European Union, which accepts the CE mark. The specialized diagnostic kits are available from the sales representatives of the firm.

The antigen rapid test kit is used to identify three types of viruses, which are respiratory syncytial virus or RSV, influenza, and COVID-19. The company said that the kits could be used in both at-home and point-of-care settings.

Virax Biolabs claimed that the test kits could "accurately identify" the infections related to the viruses mentioned above. Notably, the test kits give the results in 15 minutes.

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Bottom line:

The price of the VRAX stock went up 44.05 per cent at 9:39 am ET on Thursday, November 3, and traded at US$ 2.42, while its volume was around 14.8 million.

The US$ 27.24 million market cap healthcare firm said that RSV is a serious illness, while it is comparatively lesser known to the general public than influenza or Covid-19.

The respiratory syncytial virus is one of the most usual causes of hospitalization of infants, Virax Biolabs said citing European Health Management Association.

The RSV virus could also trigger other several health conditions like pneumonia, heart failure, and other related diseases.

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