COVID testing stocks

The COVID-19 pandemic triggered massive volatility in the stock market, with increased instability in recent weeks as surging cases have led to a rush of people looking for tests. We've rounded up 9 stocks in companies that produce or sell COVID tests.

The best stocks depend on your portfolio and investment goals. While volatility can be ideal for day traders, long-term investors will want to look to stocks with steadier gains over time.

Our picks for the best COVID testing stocks

We round up a selection of stocks in or related to the COVID-19 testing industry, weighting the list more heavily towards popular mid- and large-cap US stocks.

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1. Abbott Laboratories (ABT)

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The Established Pharmaceutical Products segment provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.

• Previous close price: $102.00
• Market capitalization: $176,868,300,000
• 1 year performance: -9.16%
• P/E ratio: 24.7095

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2. Quidel Corporation (QDEL)

QuidelOrtho Corporation focuses on the development and manufacture of diagnostic testing technologies and solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.

• Previous close price: $121.25
• Market capitalization: $5,699,829,760
• 1 year performance: -13.99%

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3. Cue Health (HLTH)

Cue Health Inc. , a healthcare technology company, designs and develops diagnostic platform for diagnostic tests for individuals, enterprises, healthcare providers and payors, and public health agencies. It offers Cue Integrated Care platform comprising hardware and software components, such as Cue Health Monitoring System consisting of Cue Reader, a portable and reusable reader, Cue Cartridge, a single-use test cartridge, and Cue Wand, a sample collection wand; Cue Data and Innovation Layer, a solution with cloud-based data and analytics capability; Cue Virtual Care Delivery Apps, which include Cue Health App and Cue Enterprise Dashboard; and Cue Ecosystem Integrations and Apps, a solution that allows integrations with third-party applications and sensors.

• Previous close price: $9.79
• Market capitalization: $105,238,760
• 1 year performance: -85.50%

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4. Lucira Health (LHDX)

Lucira Health, Inc. , a medical technology company, focuses on the development and commercialization of infectious disease test kits. It develops a testing platform that produces molecular testing services.

• Previous close price: $6.58
• Market capitalization: $18,362,928
• 1 year performance: -98.27%

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5. Walgreens Boots Alliance (WBA)

Walgreens Boots Alliance, Inc. operates as a pharmacy-led health and beauty retail company. It operates through two segments, the United States and International.

• Previous close price: $30.37
• Market capitalization: $26,315,278,336
• 1 year performance: -27.95%

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6. CVS Health (CVS)

CVS Health Corporation provides health services in the United States. It operates through Health Care Benefits, Pharmacy Services, and Retail/LTC segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services.

• Previous close price: $68.03
• Market capitalization: $86,716,506,112
• 1 year performance: N/A
• P/E ratio: 22.4718

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7. Agilent Technologies (A)

Agilent Technologies, Inc. provides application focused solutions to the life sciences, diagnostics, and applied chemical markets worldwide. The Life Sciences and Applied Markets segment offers liquid chromatography systems and components; liquid chromatography mass spectrometry systems; gas chromatography systems and components; gas chromatography mass spectrometry systems; inductively coupled plasma mass spectrometry instruments; atomic absorption instruments; microwave plasma-atomic emission spectrometry instruments; inductively coupled plasma optical emission spectrometry instruments; raman spectroscopy; cell analysis plate based assays; flow cytometer; real-time cell analyzer; cell imaging systems; microplate reader; laboratory software; information management and analytics; laboratory automation and robotic systems; dissolution testing; vacuum pumps, and measurement technologies.

• Previous close price: $115.67
• Market capitalization: $34,774,618,112
• 1 year performance: -5.02%
• P/E ratio: 25.9317

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8. Hologic (HOLX)

Hologic, Inc. develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment in the United States, Europe, the Asia-Pacific, and internationally. It operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health.

• Previous close price: $78.89
• Market capitalization: $19,393,939,456
• 1 year performance: 2.06%
• P/E ratio: 26.22

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9. Laboratory Corporation of America (LH)

Laboratory Corporation of America Holdings operates as a life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. It operates in two segments, Labcorp Diagnostics and Labcorp Drug Development. The company offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, PAP tests, hemoglobin A1C and vitamin D, prostate-specific antigens, tests for sexually transmitted diseases, hepatitis C tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests.

• Previous close price: $212.53
• Market capitalization: $18,830,157,824
• 1 year performance: -12.38%
• P/E ratio: 19.0952

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Note: The dollar amounts in the table below are in Canadian dollars.

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

Bottom line

While it's possible to turn a profit investing in COVID testing stocks, keep in mind that — like any investment — COVID testing stocks are not immune to risk. These stocks are subject to fluctuating conditions — both in the market and in the COVID-19 testing industry, so carefully vet your picks before you invest. And if you're new to investing, or if it's been awhile since you've taken a critical look at your investing accounts, compare brokers to make sure you're getting the best features in your trading account.