iSpecimen (NASDAQ: ISPC) shares are storming higher after the biospecimen marketplace operator was selected by the US government to aid with advanced COVID-19 research. The shares leapt by over 140% in early trading on Tuesday.
The advanced research will see eggheads further examining COVID-19’s transmissibility, variants, outcomes, and testing validity among multiple population segments.
The company has been working on COVID-19 since the outbreak began. This work has seen iSpecimen sending serum samples to the US Centers for Disease Control and Prevention (CDC), as well as having been contracted by other federal agencies and private companies.
The company has also been involved in research projects over the last 10 months.
iSpecimen founder and CEO, Christopher Lanelli, commented: “COVID-19 has claimed more than 5 million lives, and it will require a lot of additional research to control the pandemic and improve society’s ability to contend with future outbreaks of infectious diseases.
“We embrace the challenge and are gratified that researchers are coming to us for the specific biospecimens they need from the types of patients they’re focusing on.”
The company’s share price had dropped this year before the recent boost. Its June IPO had the company’s shares listed at $8.00 a piece but the stock hit a low of $4.80 on Wednesday 17 November.
However, the jump this week means the company’s shares are now up by 24.2% across the year to date.
What does iSpecimen do?
iSpecimen is a biospecimen marketplace. But what does that actually mean?
Essentially, the company aims to connect life science researchers with the biospecimens they require. It aims to streamline the procurement process by providing a one-stop-shop for all your biospecimen needs.
And what is a biospecimen? It’s a term that covers materials from the human body that can be used for the analysis and diagnosis of various diseases and medical conditions.