Co-Diagnostics (CODX) Stock Pops On Coronavirus News

Co-Diagnostics CODX Stock News

Co-Diagnostics Inc (NASDAQ: CODX) is running for the top in the market this morning. The stock is up more than 75% after announcing that it has completed framework for a product surrounding the coronavirus that has now reached the United States. Here’s what’s going on:

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CODX Stock Runs For The Top On Coronavirus News

In a press release issued this morning, Co-Diagnostics said that it has completed principle design work for a PCR screening test surrounding the coronavirus. The company is working to address the potential need for the detection of the virus.

In the release, CODX said that the new test features the company’s patented CoPrimer technology. Moreover, the product was developed using a proprietary software system which follows the guidelines set forth by the World Health Organization and Centers for Disease Control.

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

There are several challenges to developing a test for a virus so relatively new on the world stage, especially one with many closely-related genetic cousins such as SARS and MERS. One of the most important advantages of our CoPrimer platform is its ability to reliably and accurately differentiate between similar genetic sequences, in order to reduce the likelihood of a false positive diagnosis. With a situation currently unfolding where at least 17 deaths have already been reported among the hundreds infected, it is vital that healthcare professionals have access to the highest-quality diagnostic tools available, to be able to provide prompt and accurate diagnoses.

We believe that if the WHO takes the step of declaring the illness a global health emergency following collection of more data in the days and weeks to come, Co-Diagnostics will be well positioned to quickly assist in providing these state of the art tools to affected countries.

Why This News Is Exciting Investors

First and foremost, Co-Diagnostics is tapping into a trending condition here. The coronavirus is a relatively new virus that seems to have started in China. The virus was first discuvered in Wuhan China back in December.

Unfortunately, the virus has already begun to make its way across borders, finding itself in the United States. Moreover, the virus is highly contageous representing a serious medical need. In fact, the condition is so serious that a soft quarantine has been placed on Wuhan, warning consumers not to travel to or from the city.

As the coronavirus continues to take shape, biotecnology companies are working to combat it. However, to do so, physicians have to have the ability to quickly diagnose and address the issue. That’s where CODX comes in. The company’s work to create a diagnositic tool to address coronoavirus makes it the first to address the issue and gives it a competitive advantage in the space moving forward.

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