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9 top COVID test stocks to buy in 2024

Ready to invest in the COVID-19 testing industry? Learn how to invest in COVID test stocks in just a few steps.

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.

9 popular COVID test stocks picks to buy in 2024

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.

  1. Abbott Laboratories (ABT)
  2. Quidel Corporation (QDEL)
  3. Cue Health (HLTH)
  4. Lucira Health (LHDX)
  5. Walgreens Boots Alliance (WBA)
  6. CVS Health (CVS)
  7. Agilent Technologies (A)
  8. Hologic (HOLX)
  9. Laboratory Corporation of America (LH)

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The COVID test stocks industry is affected by a range of complex factors such as trade policies, regulations, and fluctuating supply and demand. So when considering COVID test stocks to buy, it's important that you have access to vital information about a company's financial health, leadership team, and market positioning.

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How to invest in COVID test stocks

  1. Choose an online stock trading platform. Choose from our Top Picks above, use our comparison table below or jump straight to the best stock trading apps of 2024.
  2. Sign up for an account. Provide your personal information and sign up.
  3. Set up a funding method to pay for the transaction. Deposit funds into your account by linking your banking information.
  4. Choose the stocks you want to buy. Search for the stock by name or ticker symbol like ABT or CVS.
  5. Place your order. Buy the stock. It's that simple.

Take a deeper dive into COVID test stocks

If you're interested in investing in the COVID-19 testing industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.

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 company 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.

Abbott Laboratories stock opened the day at $115.25 after a previous close of $115.49. The latest price was $112.90 (25-minute delay). Abbott Laboratories is listed on the NYSE, has a trailing 12-month revenue of around USD40.1 billion and employs 114,000 staff.

  • Market capitalization: $209,540,349,952
  • P/E ratio: 37.0429
  • PEG ratio: 29.1691

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2. Quidel Corporation (QDEL)

QuidelOrtho Corporation provides diagnostic testing 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.

Quidel Corporation stock opened the day at $48.41 after a previous close of $48.41. The latest price was $48.35 (25-minute delay). Quidel Corporation is listed on the NASDAQ, has a trailing 12-month revenue of around USD$3 billion and employs 7,100 staff.

  • Market capitalization: $3,208,775,936
  • PEG ratio: 7.19

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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.

Cue Health stock opened the day at $0.21 after a previous close of $0.20. The latest price was $0.20 (25-minute delay). Cue Health is listed on the NASDAQ, has a trailing 12-month revenue of around USD$198.9 million and employs 1,515 staff.

  • Market capitalization: $44,843,280

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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.

Lucira Health is listed on the NASDAQ, has a trailing 12-month revenue of around USD$212.1 million and employs 221 staff.

  • Market capitalization: $18,362,928

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5. Walgreens Boots Alliance (WBA)

Walgreens Boots Alliance, Inc. operates as a healthcare, pharmacy, and retail company in the United States, the United Kingdom, Germany, and internationally. It operates through three segments: U. S.

Walgreens Boots Alliance stock opened the day at $20.68 after a previous close of $20.82. The latest price was $20.86 (25-minute delay). Walgreens Boots Alliance is listed on the NASDAQ, has a trailing 12-month revenue of around USD$142.4 billion and employs 330,000 staff.

  • Market capitalization: $18,385,856,512
  • P/E ratio: 32.303
  • PEG ratio: 2.3596

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6. CVS Health (CVS)

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

CVS Health stock opened the day at $77.26 after a previous close of $77.40. The latest price was $77.31 (25-minute delay). CVS Health is listed on the NYSE, has a trailing 12-month revenue of around USD$356.6 billion and employs 219,000 staff.

  • Market capitalization: $96,170,754,048
  • P/E ratio: 11.8114
  • PEG ratio: 1.108

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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 company operates in three segments: Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab.

Agilent Technologies stock opened the day at $147.88 after a previous close of $147.48. The latest price was $147.64 (25-minute delay). Agilent Technologies is listed on the NYSE, has a trailing 12-month revenue of around USD$6.7 billion and employs 17,700 staff.

  • Market capitalization: $43,325,251,584
  • P/E ratio: 35.3684
  • PEG ratio: 2.8372

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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. The company operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health.

Hologic stock opened the day at $76.15 after a previous close of $75.91. The latest price was $76.35 (25-minute delay). Hologic is listed on the NASDAQ, has a trailing 12-month revenue of around USD$4 billion and employs 6,990 staff.

  • Market capitalization: $17,755,127,808
  • P/E ratio: 35.8483
  • PEG ratio: 1.4159

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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 (Dx) and Biopharma Laboratory Services (BLS). 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.

Laboratory Corporation of America stock opened the day at $209.34 after a previous close of $209.21. The latest price was $208.30 (25-minute delay). Laboratory Corporation of America is listed on the NYSE, has a trailing 12-month revenue of around USD$12.2 billion and employs 56,950 staff.

  • Market capitalization: $18,081,079,296
  • P/E ratio: 49.538
  • PEG ratio: 3.1223

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Bottom line

While it’s possible to turn a profit investing in COVID test stocks, keep in mind that — like any investment — COVID test 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.

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