Co-Diagnostics CODX Stock News

Co-Diagnostics Inc (NASDAQ: CODX) is climbing in the market this morning, trading on gains of nearly 80% early on. The gains come after the company announced favorable results from a study of its CoPrimer technology. Here’s what’s going on:

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CODX Stock Climbs On Cancer Detection Abilities

In a press release issued early this morning, Co-Diagnostics announced favorable results of a study that is designed to detect cancer mutations. The study used the company’s patented CoPrimer technology during the study. This technology has applications in liquid biopsy and companion diagnostic tests.  

In the release, CODX said that the technology demonstrated highly specific detection of the ten mutations that are associated with non-small cell lung cancer (NSCLC). This was done time and time again reliably and successfully distinguishing the genes with mutations from those without. 

The company said that the CoPrimer-based polymerase chain reaction test was also show to be highly sensitive in identifying the NSCLC genes at the lowest possible percentage available with the reference material. 

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

The global cancer diagnostics market was recently valued at $144 bn and growing, as healthcare professionals focus on more effective diagnostics and monitoring to battle one of the leading causes of death worldwide. We anticipate a large and ready market among clinical laboratories for NSCLC and other cancer liquid biopsy tests designed on our CoPrimer platform.

Given the relatively few PCR liquid biopsy tests on the market and the growing demand for more, we believe the advantages of our technology will create meaningful revenue opportunities and position Co-Diagnostics to become a leading innovator of liquid biopsy solutions.

Why This News Is So Exciting

There are a couple of reasons that investors are so excited about this news. First and foremost, liquid biopsy tests are simpler, less invassive, and more affordable when compared to other methods of monitoring cancer patients. 

This study confirmed the usefulness of the CoPrimer platform developed by Co-Diagnostics. Considering this confirmed usefulness of the platform, the lack of invasiveness of the test, the simplicity and the lower cost, this study could lead to strong sales of the test. 

Moreover, cancer diagnostics is big business. In fact, by 2026, the market is expect to grow to be worth nearly $250 billion annually. That’s a massive market opportunity when you consider the fact that CODX trades with a sub-$30 million market cap. With a market cap at this level, even accessing a small percentage of the market would result in a significant increase in value for the company and its investors.  

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