CODX stock is the biggest gainer on the Nasdaq after Co-Diagnostics Inc (NASDAQ:CODX) announced favorable results from a study to detect cancer mutations using its CoPrimer technology.
Key Development
Molecular diagnostics company Co-Diagnostics Inc, which has also created a patented platform meant for molecular diagnostics, made a significant announcement this morning. The company announced that its proprietary technology known as CoPrimer was put through a study aimed at detecting cancer mutations and the study has proven to be positive. CoPrimer could also have applications in associated diagnostics tests and also for liquid biopsy, which is why it is such an important development for Co-Diagnostics.
If this technology proves to be successful, then it could be used for liquid biopsies, which is less expensive and much less invasive than a standard biopsy. Only a little blood is needed for a liquid biopsy, and that makes the process theoretically far more efficient. In addition to that, the study also showed that the CoPrimer platform could also be an effective way of monitoring how cancer treatment is progressing for a particular patient. It can keep track of the patient’s response to medicines and also detect whether a medicine is being resisted by the patient.
CODX stock is up a whopping 101% and now trading at $1.90.
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Launch of a New Product
July has been a good month for Co-Diagnostics overall. Back on July 11, the company announced the launch of a new product that further bolstered its stock and sent it soaring by as much as 25% on the day. The optimism stemmed from the company’s announcement that it had successfully launched a mosquito diagnostic device. The name of the device in question is Vector Smart NAM Test, and it can be used to diagnose whether mosquito populations in a region are in danger of spreading diseases like western equine encephalitis, St. Louis encephalitis, and West Nile virus.
Considering the fact that many government agencies in the United States have allocated millions of dollars towards identifying mosquito populations that could spread such diseases, the new product could prove to be the ticket to lucrative government contracts for Co-Diagnostics. Hence, the rise in CODX stock price on the day of the announcement did not come as a complete surprise.
Despite today’s big surge, CODX stock is down 50% from its 52-week high of $4.15.
Featured image: DepositPhotos © avemario
