Stock Alert: Thermo Fisher Gains 7%

(RTTNews) - Shares of Thermo Fisher Scientific Inc. (TMO) are climbing more than 7% Tuesday morning. It is currently trading at $300.35. TMO has traded in the range of $253.22- $342.26.

On March 13, the U.S. Food and Drug Administration (FDA) issued an emergency use authorization (EUA) for its diagnostic test that can be used immediately by CLIA high-complexity laboratories in the U.S. to detect nucleic acid from SARS-CoV-2, the virus that causes COVID-19.

On Monday, the company said it has currently 1.5 million tests available to ship under the EUA label and aims to boost up to 2 million tests per week.

Thermo Fisher also expects to increase the production to 5 million tests per week by April.