Co-Diagnostics Inc (NASDAQ: CODX) is in a rebound after a steep drop in the last two weeks. Today, the company has announced receipt of FDA authorization for its COVID-19 test. The company announced that its Logix Smart ™ COVID-19 test had got EUA (Emergency Use Authorization) by the FDA for testing SARS-COV-2. The company further announced that the test can be used by CLIA certified laboratories to check for the presence of the virus. The company has also announced that the test kits would be available from the company’s Utah facility.
This development comes just a few days after the company released its 2019 full-year results that included some strategic moves that the company was making. Some of the strategic initiatives it had taken include the construction of its CoSara Diagnostics Pvt Ltd, which is a joint venture with Synbiotics aimed at growing sales in India. The company also announced that it had hit major milestones in the development of its Coprimer technology for use in liquid biopsy applications.
Commenting on this development, CEO Dwight Egan stated that, the company believed that the FDA authorization was a confirmation of the good quality of its COVID-19 tests. He added that this authorization was a major step towards more opportunities to offer its tests to a wider audience. He added that there was consensus among experts that test kits accessibility was a major step towards flattening the COVID-19 curve. He concluded that the company was aiming to grow the availability of kits affordably all across the world.
From its price action, CODX is in an early uptrend. The stock opened the day at $8.14 and traded between a low of $8.06 and a high of $8.45, before closing the day at $8.20. Volumes in the day stood at 3.35 million.
About Co-Diagnostics Inc
Co-Diagnostics Inc manufactures and sells reagents for medical diagnostics. It is based in Salt Lake City, Utah.