In a development that has come as a massive boost to CODX stock this morning, molecular diagnostics outfit Co-Diagnostics Inc (NASDAQ:CODX) announced today that it has concluded the principle design for its screening test for a polymerase chain reaction (PCR). The screening test in question is meant for the new coronavirus, which has been in news lately due to the outbreak in China this week.
One of the most important takeaways from the announcement today is the fact that the new test is also going to feature the proprietary CoPrimer technology that has been developed by Co-Diagnostics. In this regard, it should be noted that the company has stated that its CoPrimer technology can accurately “differentiate between similar genetic sequences,” thereby minimizing chances of erroneous diagnosis. This is particularly important in light of recent events in China.
After the news broke, CODX stock soared significantly this morning as investors piled on to it and gained as much as 90% to $2.15. The trading volume went through the roof to hit 19.80 million, and the stock emerged as the most heavily traded stock on the market. The average trading volume for Co-Diagnostics stock is 116,000.
The coronavirus has broken out in the city of Wuhan in China, and many people have already been diagnosed with having contracted the virus. In recent days, many companies that even remotely had anything to do with diagnosis or treatment of the aforementioned virus have seen their stocks rally.
In the case of Co-Diagnostics, the situation is a bit different since the company could be in a position to assist the affected countries with its tools to tackle the problem.
The Chief Executive Officer of the company, Dwight Egan, said as much and urged the World Health Organization to declare the illness a global health emergency. He added, “Co-Diagnostics will be well-positioned to quickly assist in providing these state of the art tools to affected countries.”
CODX stock is still down 45% from its 52-week high of $3.77.
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