American Bio Medica Corporation (OTCMKTS: ABMC) has been on a steady rise in recent months emerging as a top traded stock in small caps. The stock exploded off its $0.065 lows back in March after the Company reported on its new Rapid Test to detect Covid-19. Microcapdaily reported on ABMC at the time stating “Currently trading at a $4 million market valuation ABMC is an exciting story developing in small caps; the stock has seen a huge move after the Company said it has begun offering a Rapid Test to detect Covid-19 in whole blood, serum or plasma.”
It’s easy to see why investors are excited about ABMC; the Company said its COVID-19 test was authorized by the FDA on May 29 under an Emergency Use Authorization (EUA) for use by authorized laboratories. According to the Company they have begun shipping orders to customers as of late May 2020. Also of note; legendary investor Stuart Sternberg owner of the Tampa Bay Rays; invested 7M shares of ABMC according to this SC 13G
American Bio Medica Corporation (OTCMKTS: ABMC) manufactures and markets accurate, cost-effective immunoassay test kits, primarily point of collection tests for drugs of abuse. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. The Company says it has been an industry leader in drugs of abuse testing for over 30 years. American Bio focuses on innovation so that we can consistently provide our customers with state of the art products and exceptional customer service. The market continues to evolve and we are committed to staying ahead of the curve and providing our customers with dependable, accurate, easy to use tests. The Company has also developed exclusive configurations that test for the newest trends in drug abuse which includes buprenorphine, fentanyl, oxycodone, tramadol, ketamine, K2 (spice), methadone and more.
American Bio has a proven history based on a number of FDA approved products. The Company currently holds a GSA contract that is good through Jul 31, 2021. A GSA contract allows government agencies to immediately purchase without the need to go to public bid. Having a GSA contract is a big advantage to getting products out faster.
To Find out the inside Scoop on ABMC Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
ABMC exploded off its $0.065 base back in March after the Company announced its new Rapid Test to detect Covid-19. According to the Company the test can be used for rapid screening of carriers of the virus that are symptomatic or asymptomatic and can be used across many markets including hospitals, clinics, and by employers and correctional institutions. The test is not available for consumer use and will be marketed in full compliance with the FDA guidance, including the required labeling indicating that antibody testing should not be used as the sole basis to diagnose or exclude a Covid-19 infection.
On June 24 ABMC announced financial results for the fourth quarter and year ended December 31, 2019. Chief Executive Officer, Melissa A. Waterhouse stated, “While sales did not increase in Q4 2019 (as they did in Q3 2019), they were relatively flat. In 2019, sales in our core markets declined, some of which was due to timing of shipments to customers at the end of the year. These declines were partially offset by increased contract manufacturing sales (due to two new customers in 2019) along with increased international sales. Operational expenses declined due to continued efforts to control costs wherever possible. Our drug testing business has been negatively impacted by the Covid-19 pandemic in the first half of 2020. The core markets for our drug tests are employment, clinical and government; and each of these sectors has been negatively impacted by the pandemic in various ways. On March 23, 2020, we announced we are distributing a rapid antibody test for Covid-19 and on May 29, 2020 this COVID-19 test was authorized by the United States Food and Drug Administration (FDA) under an Emergency Use Authorization (EUA) for use by authorized laboratories. Starting in late March 2020, we conducted pre-sales of the product and began shipping orders to customers in May 2020. Sales of the Rapid Covid-19 test have offset the negative impact to our drug testing business. As of the date of this release, we have recorded revenues of just over $1,000,000 which resulted in approximately $430,000 in profit to ABMC after expenses and commissions.”
— funnyG986 (@funnyG986) June 24, 2020
We have a Monster Pick Coming. Subscribe Right Now
Currently trading at a $35 million market valuation ABMC is an exciitng story developing in small caps; the stock has been steadily rising ever since the Company announced its new Rapid Test to detect Covid-19. According to ABMC its test was authorized by the FDA on May 29 under an Emergency Use Authorization (EUA) for use by authorized laboratories and has begun shipping orders as of May.Also of note; legendary investor Stuart Sternberg owner of the Tampa Bay Rays; invested 7M shares of ABMC according to this SC 13G. We will be updating on ABMC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ABMC.
WAIT! Do You Want Stocks That Could Go Up 348% In Days Delivered To Your Inbox For FREE?
Disclosure: we hold no position in ABMC either long or short and we have not been compensated for this article.