The stock rose $3.83, or 10.9 percent, to $39.09 in morning trading, hitting a new 52-week high of $39.14 earlier in the trading session.

Late Wednesday, the company said price increases in the U.S. and higher instrument sales boosted revenue 25 percent to $63.6 million.

Robert W. Baird & Co. analyst Quintin J. Lai reaffirmed a "Outperform" rating on the stock and $39 price target.

"Immucor has a winning combination of a large test menu and a variety of instruments that can accommodate the different testing volume demands of blood banks, hospitals and clinical laboratories," he wrote in a note to investors. "Immucor is well positioned to benefit from the ever-increasing emphasis on safety of the blood supply."

The company reported 30 orders worldwide for its Echo testing instruments, whereas Lai said he only expected 20. The company is on track to reach its target of 250 Echo orders in the product's first 12 months on the market.

Immucor recently announced a deal to supply 19 of its Galileo test systems to the American Red Cross at five U.S. laboratories. The company also recently settled a probe with the Securities and Exchange Commission over payments made by its Italian subsidiary to doctors associated with government medical facilities. The settlement does not involve a payment.

"We think this resolves Immucor's current ongoing legal issues," Lai said.

Still, Immucor President and CEO, Dr. Gioacchino De Chirico will likely face a trial in the Italian courts, he said, as he is contesting the charges.