Why Adial Pharmaceuticals (NASDAQ: ADIL) Is Soaring Today?

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Shares of Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) traded up 114.89% after the company announced that it has received the Emergency Use Authorization (EUA) from FDA for Assure/FaStep® COVID-19 IgG/IgM Rapid Test Device. This Emergency Use Authorization from the FDA is the first antibody point-of-care test for COVID-19.

The rapid test device, the blood samples were used using fingerstick as compared to other approved tests which are recently using only plasma, serum, or venous blood. After the authorization from FDA, fingerstick blood samples can be used with the FaStep COVID-19 IgG/IgM Rapid Test Device for the test in point-of-care settings, including urgent care centers, emergency rooms, doctors’ offices, hospitals, or other locations where there is a licensed healthcare professional.

Previously, this FaStep COVID-19 IgG/IgM Rapid Test Device is used for the detection of SARS-CoV-2 antibodies in the individuals and it is used to identify the recent or previous COVID-19 infection. Various other kits were present but they haven’t got the authorization for the fingerstick blood sample.

Shares of Adial Pharmaceuticals soared 114.89% after it gained +1.62 during the trading session of Tuesday. It has a closing price of $3.03. In the past 52-weeks of trading, this company’s stock fluctuated between the low of $1.00 and a high of $3.17. It has moved up to 203.00% from its 52-weeks low and moved down -4.42% from its 52-weeks high. Looking at its liquidity, it has a current ratio of 13.90. This company’s market capitalization has remained high, hitting $41.06 million at the time of writing.

Adial has announced that it has started the sales of the FaStep COVID-19 IgG/IgM rapid antibody test kits to healthcare providers and hospitals through The iRemedy Healthcare Companies, Inc. (iRemedy) network and e-commerce platform. This company has earlier filed for Expedited Review of AD04 with the FDA. AD04 is the drug candidate used for the treatment of Alcohol Use Disorder (AUD)

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