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.
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.