World News – US – Astrotech stock skyrockets after JDA with Cleveland Clinic to develop COVID-19 breath test

Shares of Astrotech Corp
ASTC,
14437%
soared 168% in active trading to beat all pre-market winners on Wednesday, after the company announced its subsidiary BreathTech Corp has partnered with the Cleveland Clinic to develop a rapid breath test for COVID- 19 Trading volume was 114 million shares before the open, compared to a daily average of around 14 million shares The share is about to open at the highest price seen during session hours regular since April, following the company’s announcement in March that it was developing a breath test capable of detecting lung infections, including the COVID-19 virus Astrotech said on Tuesday evening that BreathTech had sighed a development agreement joint (JDA) with Cleveland Clinic to explore the use of the BreathTest-1000 mass spectrometer to rapidly screen for COVID-19 « The advantage of breathalyzers is that they are non-invasive and non-intrusive », Said Dr Raed Dweik, president of Cleveland Clinic’s Respiratory Institute « It doesn’t have a dose limitation like x-rays, a quantity limitation like blood or saliva tests, or a time limitation like PCR, blood tests and urinary tract « Astrotech’s share has lost 61% since the start of the year through Tuesday, while the S&P 500
SPX,
051%
won 66%

New vehicle registration statistics in California look light, but stocks could also be down as traders adjust their positions ahead of earnings, which are due out late Wednesday

Tomi Kilgore is the Associate Editor of Investments and News at MarketWatch and is based in New York City You can follow him on Twitter @TomiKilgore

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Astrotech Corporation, NASDAQ: ASTC, Cleveland Clinic, Stock, Breath Test, NASDAQ