(MarketWatch) – Shares of Abbott Laboratories ABT, -1.86% were down 1.6% in trading on Tuesday, the day after the company said it had received emergency authorization from the Food and Drug Administration for a new COVID-19 antibody test.
The AdviseDx test, which looks for IgM antibodies, “is most useful for determining a recent infection,” Abbott said in a news release.
Serologic tests for COVID-19 vary in what antibodies they look for; some can identify IgG antibodies, others look for IgM antibodies, which tend to develop after IgG antibodies in people who have recovered from an infection.
Abbott executive John Hackett recently told MarketWatch that the company is developing tests that can evaluate the amount of antibodies. Shares of Abbott, which has developed seven diagnostic and serologic COVID-19 tests during the pandemic, have gained 25.7% so far this year, while the S&P 500 SPX, -0.47% is up 9.4%.