LabGenomics is showing strong performance. This is interpreted as the diagnostic kit business gaining attention amid news of a sharp increase in COVID-19 cases.
As of 1:31 PM on the 3rd, LabGenomics is trading at 9,730 KRW, up 9.08% from the previous day. During the session, the stock price even surpassed 10,000 KRW. At the same time, SD Biosensor rose more than 28%, and Seegene increased by over 18%, showing strong gains.
According to the Central Disease Control Headquarters (CDCH) of the Korea Disease Control and Prevention Agency, the average daily number of COVID-19 cases in mid-month is expected to reach about 60,000, with a maximum of up to 76,000 cases.
Additionally, it has been reported that COVID-19 cases are rising again recently in countries such as the United States and Japan. According to the U.S. Centers for Disease Control and Prevention (CDC), COVID-19 hospitalizations increased by 10% from July 9 to 15 compared to the previous week, and in Japan, the number of reports per sentinel surveillance site doubled between June and July.
With the rapid increase in COVID-19 cases, demand for diagnostic kits and related products is expected to rise, reflecting growing expectations for related stocks.
Meanwhile, LabGenomics is a company engaged in in vitro diagnostic services and the development of diagnostic products. It developed the COVID-19 diagnostic kit LabGunTM COVID-19 ExoFast RT-PCR kit. Recently, it also signed a contract to acquire Clia Lab, a COVID-19 testing institution in the United States.
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