Kroger Co.’s healthcare division has partnered with Gauss to provide a smartphone-enabled, at-home COVID-19 rapid antigen test kit to patients. The antigen test is currently awaiting emergency use authorization (EUA) by the Food and Drug Administration (FDA).
Following the FDA approval, Kroger (KR) will make the at-home COVID-19 test kit available for purchase on the retail company’s website and at its 2,200 pharmacies across the US.
Kroger Health’s President Colleen Lindholz said, “Since the start of the COVID-19 pandemic, Kroger Health has remained committed to helping people live healthier lives by offering a variety of COVID-19 testing solutions supported by our multi-disciplinary team of licensed, trained and experienced healthcare providers. We’re proud to partner with Gauss to expand our COVIDCare+ suite with the forthcoming launch of this affordable, innovative solution.”
The test is conducted by using a smartphone and a lateral flow assay where the sample is placed on the testing device and the results become available in some time. (See Kroger Co’s stock analysis on TipRanks)
Late last month, Telsey Advisory analyst Joe Feldman downgraded the stock from a Buy to a Hold and cut the price target from $43 to $39. Feldman warned investors to be cautious about the stock and said, “Kroger could be a victim of its own success—as it laps difficult comparisons in 2021 related to the COVID-19 surge in demand of food products from the uptick in at-home consumption”
The rest of the Street is sidelined about the stock with a Hold consensus rating. That’s based on 12 analysts recommending a Hold and 2 analysts suggesting a Sell. The average analyst price target of $33.50 implies 1.3% downside potential to current levels.
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