iSpecimen stock soars in premarket after it expands support of COVID-19 research

iSpecimen Inc. (Nasdaq: ISPC) stocks soared in premarket trading after the company announced the addition of a reference lab in New York to support commercial and government customers focused on COVID-19 research, including analyzing the Omicron and Delta variants.

iSpecimen stock was valued at $7.68 as of 8:46 AM EST, an increase of 83 cents in its price value and a 12.15% increase. On Wednesday, the stock closed trading at $6.83, down 26 cents, or 3.67%. iSpecimen’s market capitalization was $59.6 million, based on 925,609 tradable shares.

With the recent addition to the iSpecimen supplier network, the reference lab can sequence hundreds of COVID-19 positive swabs per week, providing critical data in the virus’s fight. As the virus spreads worldwide, this lab is sequencing the most recent swabs to identify new COVID-19 variants.

“The sequencing of nasal swabs is necessary to determine which variant a patient has tested positive for and provides variant-positive specimens for research,” said iSpecimen Founder and CEO Christopher Ianelli, MD, Ph.D. “Through our relationship with this reference lab, we are able to quickly and efficiently support both commercial and government researchers working day and night to battle COVID-19.”

iSpecimen can provide sequenced and unsequenced COVID-19 positive and negative swabs in various media types to researchers looking to validate their variant identification assays.

Company Profile

iSpecimen provides technology that connects life science researchers in need of human biofluids, tissues, and living cells with biospecimens available in healthcare provider organizations worldwide. It caters to biopharmaceutical firms, in vitro diagnostic firms, and government/academic institutions. The company was founded in 2009 and is based in Lexington, Massachusetts.

Scientists can search for specimens and patients using proprietary cloud-based technology across a federated partner network of hospitals, labs, biobanks, blood centers, and other healthcare organizations.

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