Many Americans ranked the COVID-19 pandemic among the top factors in determining their vote for president. Now, President-elect Joe Biden appears to be hitting the ground running in his effort to fight COVID-19. On Monday, Biden announced a Transition COVID-19 Advisory Board. This board will help Biden’s transition team prepare a federal response to the coronavirus crisis once Biden takes office in January.
However, Joe Biden has already articulated a plan for addressing the COVID-19 pandemic. There are three stocks that should be especially big winners when that plan is enacted.
1. Abbott Laboratories
Item No. 1 on Biden’s COVID-19 plan is to improve the nation’s COVID-19 testing capabilities. The President-elect wants to double the number of drive-through testing sites and invest in “next-generation testing,” among other steps. Abbott Laboratories (NYSE:ABT) should be a prime beneficiary of these efforts.
Abbott currently markets six COVID-19 tests under the Food and Drug Administration’s emergency use authorization (EUA) program. These tests include the BinaxNOW COVID-19 Ag Card test, which is fast, cheap, and highly accurate. The U.S. government has already bought 150 million BinaxNOW tests. Look for that number to increase under Biden’s coronavirus plan.
There’s a whole lot more to Abbott than just its COVID-19 tests, though. The company is a Dividend Aristocrat with 48 consecutive years of dividend increases. Abbott is also poised to deliver strong growth over the next decade from multiple drivers, notably including its FreeStyle Libre continuous glucose monitoring system.
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