New York City, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Saliva-Based Test Powered by Co-Diagnostics (NASDAQ:CODX) a Game Changer
Maxim reiterate Buy with a price target of $30
Earlier this week, Co-Diagnostics, Inc. (NASDAQ:CODX) (the Company), a molecular diagnostics company with a unique, patented diagnostics testing platform, announced that its partner, Clinical Reference Laboratory (CRL), one of the largest testing providers in the country, had received Emergency Use Authorization (EUA) from the FDA for a self-collected, saliva-based PCR test for COVID-19. The test uses Co-Diagnostics probes and primers. CODX shares were up 28% on the news before seeing some profit taking on Tuesday.
CRL declared that the test has demonstrated 100% sensitivity/specificity (higher than any other saliva-based molecular test for COVID-19) and can be processed within 24-48 hours, which is important considering that in many cases current tests are taking up to a week or more to return results.
That same day, the analyst from Maxim Group reiterated a Buy status and $30 PT on the Company’s stock. With COVID cases on the rise in the US and around the globe, and testing times increasing past the point of usefulness, interest in expanding testing capacity has increased markedly.
Some key highlights of the Maxim report include:
- Saliva-based testing is now the mix- Essentially swish, spit, and ship it off to the lab. The Company is directly involved with this as a US testing provider and is involved with two recently approved saliva collection methods:
- Clinical Reference Labs (CRL) is using the Company’s COVID-19 test already and is now expanding to saliva collection with EUA for OraSure's OMNIgene Oral Device for saliva collection.
- The continued unmet need in testing is across the country and globe; the US is not alone and demand is expected to increase with the pandemic now nearing 5M infections in the U.S with no signs of slowing down. The advantages of the Co-Primer test, which should also be attractive for international customers, is that Co-Diagnostics is already marketing its test internationally and are already on the ground in India (3rd in confirmed cases) with its joint venture, CoSara.
- The saliva test can be administered anywhere - in the home, schools, workplace, etc. The patient essentially spits into a tube and sends it in. With this approach, the CRL test has achieved 100% sensitivity and specificity, making it the most accurate saliva-based test. This also beats out the nasal swab tests which is the common method for self-administered testing and only has a 55% detection rate.
The full Maxim research report can be accessed here.
Disclosure: Co-Diagnostics Inc is a client of BDA International.
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