Co-Diagnostics Roars Back With New COVID-19 Test Deal
Co-Diagnostics announced Tuesday that it has entered into an agreement with Arches Research to expand Arches' COVID-19 testing services using Co-Diagnostics’ test kit.
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Co-Diagnostics, Inc. (NASDAQ: CODX) shares shot up on Tuesday after the company announced that it has entered into an agreement with Arches Research to expand Arches’ COVID-19 testing services using Co-Diagnostics’ test kit.
Worth noting is that Arches Research is certified under the Clinical Laboratory Improvement Amendments (CLIA) and is a subsidiary of PolarityTE, Inc, (NASDAQ: PTE).
The agreement centers around Co-Diagnostics’ Logix Smart COVID-19 test kit. Arches Research began using Co-Diagnostics’ tests for its customers earlier this year. The announcement follows news last week of additional, independent third-party validations supporting the test kit’s performance.
The Logix Smart test kit is authorized to be used for the diagnosis of SARS-CoV-2, the virus that causes COVID-19, in the United States and many other countries.
Arches received a CLIA certificate of registration at the end of April and began testing for COVID-19 shortly after. The CLIA is regulated by the Centers for Medicare & Medicaid Services (CMS) with a primary goal to ensure quality laboratory testing.
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Excluding Tuesday’s move, Co-Diagnostics’ stock is up over 820% year to date. In the past 52-weeks, the stock is up over 655%.
Co-Diagnostics stock was last seen up about 40% at $11.52, with a 52-week range of $0.85 to $30.99. The consensus analyst price target is $35.33.
PolarityTE was recently trading up about 10% at $1.15, with a 52-week range of $0.78 to $5.08. Analysts have a consensus analyst price target of $3.33 for the stock.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
