Stock Alert: Danaher Rises Almost 6%

(RTTNews) - Shares of Danaher Corp. (DHR) are currently gaining almost 6 percent in the morning trade on Monday, at $131.09, after the company's unit Cepheid received FDA approval for a COVID-19 rapid testing tool. The shares have traded in a range of $121.07 to $169.19 in the past 52 weeks.

Sunnyvale, California-based Cepheid is a molecular diagnostics company within Danaher's Diagnostics platform. On Saturday, Cepheid said it received Emergency Use Authorization (EUA) from the U.S. Food & Drug Administration or FDA for Xpert Xpress SARS-CoV-2, a rapid molecular diagnostic test for qualitative detection of SARS-CoV-2, the virus causing COVID-19.

The test has been designed to operate on any of Cepheid's more than 23,000 automated GeneXpert Systems worldwide, with a detection time of about 45 minutes. Cepheid currently has nearly 5,000 GeneXpert Systems in the U.S. capable of point-of-care testing and for use in hospitals.

Cepheid noted that the test will begin shipping next week.