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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 COVID test stocks to watch
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.
- Abbott Laboratories (ABT)
- Quidel Corporation (QDEL)
- Cue Health (HLTH)
- Lucira Health (LHDX)
- Walgreens Boots Alliance (WBA)
- CVS Health (CVS)
- Agilent Technologies (A)
- Hologic (HOLX)
- Laboratory Corporation of America (LH)
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Take a deeper dive into COVID test stocksIf 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 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.
Abbott Laboratories stock opened the day at $102.86 after a previous close of $103.38. The latest price was $102.45 (25-minute delay). Abbott Laboratories is listed on the NYSE, has a trailing 12-month revenue of around USD45.5 billion and employs 113,000 staff.
- Market capitalization: $174,281,408,512
- P/E ratio: 20.7766
- PEG ratio: 15.7733
2. Quidel Corporation (QDEL)
QuidelOrtho Corporation focuses on the development and manufacture of diagnostic testing technologies across the continuum of healthcare testing needs. 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 $122.34 after a previous close of $121.25. The latest price was $123.00 (25-minute delay). Quidel Corporation is listed on the NASDAQ, has a trailing 12-month revenue of around USD$2.8 billion and employs 6,900 staff.
- Market capitalization: $4,785,793,536
- P/E ratio: 3.2329
- PEG ratio: 7.19
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. The company 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 $9.80 after a previous close of $9.79. The latest price was $9.27 (25-minute delay). Cue Health is listed on the NASDAQ, has a trailing 12-month revenue of around USD$683.3 million and employs 1,585 staff.
- Market capitalization: $472,431,776
- P/E ratio: 15.2857
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 stock opened the day at $6.56 after a previous close of $6.58. The latest price was $8.50 (25-minute delay). Lucira Health is listed on the NASDAQ, has a trailing 12-month revenue of around USD$192.7 million and employs 219 staff.
- Market capitalization: $42,512,888
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.
Walgreens Boots Alliance stock opened the day at $33.10 after a previous close of $33.16. The latest price was $32.25 (25-minute delay). Walgreens Boots Alliance is listed on the NASDAQ, has a trailing 12-month revenue of around USD$134.5 billion and employs 315,000 staff.
- Market capitalization: $28,624,191,488
- P/E ratio: 5.6136
- PEG ratio: 12.0008
6. CVS Health (CVS)
CVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.
CVS Health stock opened the day at $99.99 after a previous close of $100.45. The latest price was $98.58 (25-minute delay). CVS Health is listed on the NYSE, has a trailing 12-month revenue of around USD$306.9 billion and employs 216,000 staff.
- Market capitalization: $125,204,594,688
- P/E ratio: 15.5326
- PEG ratio: 1.2901
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.
Agilent Technologies stock opened the day at $132.30 after a previous close of $132.64. The latest price was $132.18 (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: $35,983,781,888
- P/E ratio: 27.7511
- PEG ratio: 1.9885
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.
Hologic stock opened the day at $76.48 after a previous close of $76.62. The latest price was $76.56 (25-minute delay). Hologic is listed on the NASDAQ, has a trailing 12-month revenue of around USD$5.2 billion and employs 6,705 staff.
- Market capitalization: $16,107,610,112
- P/E ratio: 10.9542
- PEG ratio: 0.9333
9. Laboratory Corporation of America (LH)
Laboratory Corporation of America Holdings operates as a global 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 Labcorp Drug Development (DD). It 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 $313.24 after a previous close of $313.34. The latest price was $314.21 (25-minute delay). Laboratory Corporation of America is listed on the NYSE, has a trailing 12-month revenue of around USD$15.7 billion and employs 75,000 staff.
- Market capitalization: $19,146,721,280
- P/E ratio: 10.1243
- PEG ratio: 2.0682
How to buy COVID test stocks
Sign up with an online broker or platform to invest in one or more of these COVID test stocks.
- Compare share trading platforms. Use our comparison table to narrow down top brokers by fees and bonuses.
- Open and fund your brokerage account. You’ll need personal and financial details, like your contact and bank information.
- Search for the stock you're interested in. Find the stock by name or ticker symbol, like ABT or CVS.
- Decide on how many to buy. Some brokers will allow you to purchase fractional shares, while others require you to purchase whole shares.
- Choose an order type. Invest in the COVID test stocks now with a market order or use a limit order to delay your purchase until the stock reaches your desired price.
- Buy the stock. Tap or click the Buy button on your brokerage account. Once you’ve invested in the COVID-19 testing industry, track how your stock performs to decide when it’s time to sell.
Bottom lineWhile 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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