Co-Diagnostics (CODX) Stock Flies On Emergency Use Authorization

Co-Diagnostics CODX Stock News

Co-Diagnostics Inc (NASDAQ: CODX) is making a run for the top in the market this morning, and for good reason. The company announced that it received emergency use authorization from the FDA for its COVID-19 test. Here’s what’s going on:

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CODX Stock Jumps On COVID-19 Test EUA

In the press release, Co-Diagnostics said that it received Emergency Use Authorization from the FDA for the diagnosis of SARS-CoV-2, or the novel coronavirus.

In the release, CODX said that the test can now be used by clinical laboratories to detect the virus that causes COVID-19. As such, the test is now available for purchase.

In the release, the compay said that it has already initiated sales of its CE-IVD test to the European Community as well as other global markets that accept a CE marking as a valid regulatory approval.

In a statement, Dwight Egan, CEO at CODX, had the following to offer:

We believe that this authorization confirms the quality and performance of our COVID-19 test, and that it is a significant step in opening more doors and helping this test to reach an even wider audience. Many experts agree that accessibility of widespread testing is an important element to ‘flattening the curve’ as U.S. cases of COVID-19 continue to rise, and that increased testing throughput is vital to achieve this objective. We look forward to continuing our goal of increasing the availability of advanced, high-throughput, and cost-effective COVID-19 testing solutions both close to home and across the globe.

This News Is Huge

Lately, we’ve seen a big debate in the investing community about whose COVID-19 diagnostic test is the better option, which one has the most potential, which will lead the fight against this pandemic. Well, I’m here to tell you that all of this doesn’t matter.

The truth of the matter is that COVID-19 is spreading quickly. So quickly in fact that there is a shortage of tests in hospitals around the country. So, any company, including Co-Diagnostics, that makes a test available is likely to see incredibly strong sales.

While this is no rapid test, results are accurate, and the demand is strong. As such, I expect that the availability of this test in the United States will greatly boost revenue at CODX.

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