New York City, New York, July 23, 2019 (GLOBE NEWSWIRE) -- News from Co-Diagnostics, Inc. (Nasdaq: CODX), a MedTech company with a patented platform for the development of molecular diagnostic tests, recently made CODX one of the hottest tickers of the day following the announcement of their Vector Smart North American mosquito (NAM) test. The stock closed up 44% on the day, after trading 31M shares—a dramatic surge from the ~55k shares that exchanged hands the day before. Prompted by the company’s news, an analyst from Maxim Group, who initiated coverage on CODX in April 2019, maintained a Buy rating on Co-Diagnostics Inc with the price target of $2.
The analyst observed:
“Co-Diagnostics (CDI) shares are up ~45% following the announcement of the launch of its Vector Smart NAM test in North America. It’s summer time and with summer comes mosquitoes… and with mosquitos comes risk of vector- borne diseases. This is being further compounded by increasing globalization and also global temperatures rising which is causing vector-borne diseases like West Nile or Zika (or others) to become more prevalent in areas like the US. Vector Smart is the first ever North American multiplex polymerase chain reaction (PCR) mosquito diagnostic test.”
The Utah-based company’s press also coincided with a local news article announcing that West Nile virus had been detected in mosquitoes in the southern part of that state. West Nile, along with St. Louis encephalitis and western equine encephalitis, is one of the three viruses tested by the company’s multiplex PCR test.
According to the article, the mosquitoes were collected on July 2 in Grand County, Utah, but positive results confirming the presence of the virus weren’t returned by the Utah Public Health lab until 9 days later. In a press release in May of this year, Co-Diagnostics announced sales of mosquito tests and abatement equipment packages, anticipated by the company CEO to generate substantial revenue for the company. The reasons for the company’s belief in this vertical as a revenue producer are becoming more and more evident: A clear and urgent need exists to locate mosquitos carrying the types of viruses identified by Co-Diagnostics’ vector control products, but what’s more, areas like Grand County and over 1,000 others across the continent can shorten the turn-around time for detection to under a day by purchasing the equipment and tests from Co-Diagnostics and testing the mosquitoes locally, rather than a centralized location.
Testing mosquito populations requires also no regulatory approval by the FDA, making the domestic market for such a product line more immediately accessible than human in-vitro diagnostics and providing a clear pathway to near-term revenue.
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