Benzinga | May 4, 2021 11:57AM EDT

Why Precipio's Stock Is Moving Higher Today

Precipio Inc (NASDAQ:PRPO) is rallying again on Tuesday after it announced Monday the company successfully launched its COVID-19 rapid antibody test on the Amazon.com Inc (NASDAQ:AMZN) platform.

What Happened: Precipio announced the launch of its 20-minute COVID-19 antibody test on Amazon and the stock soared more than 140%. Precipio holds the exclusive rights to distribute the product on Amazon's platform. The antibody test was the first U.S.-based test to receive emergency use authorization (EUA) by the FDA for point-of-care.

Related Link: Precipio Surges 140%, Breaks Out Of A Falling Wedge Pattern

"We are very excited to be working with our partner Nirmidas to get this important rapid test on the largest retail platform in the world. We look forward to working with other retail outlets, as well as with Nirmidas to advance this product into at-home use, following the receipt of appropriate FDA authorization," said Ilan Danieli, CEO of Precipio.

Price Action: The stock was halted today after it opened at $6.30 and quickly ran to $8.97. At last check Tuesday, it was up 11% at $5.51.