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Quest’s shares rise as FDA authorizes its at-home COVID-19 test

Shares of Quest Diagnostics Inc. gained 2.7% in trading on Thursday after the company said the Food and Drug Administration had granted emergency use authorization to the company’s first at-home COVID-19 test kit. Quest has received EUAs for several tests during the coronavirus pandemic, including for its diagnostic and antibody tests. The at-home test allows adults or their children to gather a nasal sample using a swab at a home and then send out the specimen for shipping using FedEx Corp. at the discretion of a health care provider. Quest said it has already tracked individuals collecting their own specimens at drive-through testing sites, including at Walmart Inc. locations. That’s something that Quest CEO Steve Rusckowski mentioned on an earnings call in April. Quest’s stock is up 11.6% year-to-date, while the S&P 500 is down 6.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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