Benzinga | Aug 26, 2020 11:17AM EDT

Why Fluidigm's Stock Is Trading Higher Today

Fluidigm (NASDAQ:FLDM) shares are trading higher on Wednesday after the company announced it has received emergency use authorization from the FDA for the Advanta Dx SARS-CoV-2 RT-PCR Assay, an extraction-free saliva-based test to detect nucleic acid from COVID-19.

Fluidigm manufactures life science tools focused on the analysis of single cells and industrial applications of genomics. These tools are based on microfluidics and mass cytometry technologies. It sells instruments and consumables, including integrated fluidic circuits, assays, and reagents. Slightly more than half of the firm's revenue comes from the sale of Consumables.

Fluidigm primarily sells its products to academic institutions, clinical laboratories, and biopharmaceutical companies. The majority of revenue is generated in the United States followed by EMEA and Asia-Pacific.

Fluidigm shares were trading up 22.41% at $10.76 on Wednesday during the time of publication. The stock has a 52-week high of $12.45 and a 52-week low of $1.17.