Co-Diagnostics Mosquito Testing Products Generate Buzz

Date : 07/23/2019 @ 12:00PM
Source : GlobeNewswire Inc.
Stock : Co Diagnostics Inc (CODX)
Quote : 7.2216  -0.3984 (-5.23%) @ 4:22PM
Co Diagnostics share price Chart

Co-Diagnostics Mosquito Testing Products Generate Buzz

Co Diagnostics (NASDAQ:CODX)
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1 Year : From Apr 2019 to Apr 2020

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News from Co-Diagnostics, Inc. (Nasdaq: CODX), a MedTech company with a patented platform for the development of molecular diagnostic tests, recently made CODX one of the hottest tickers of the day following the announcement of their Vector Smart North American mosquito (NAM) test. The stock closed up 44% on the day, after trading 31M shares—a dramatic surge from the ~55k shares that exchanged hands the day before. Prompted by the company’s news, an analyst from Maxim Group, who initiated coverage on CODX in April 2019, maintained a Buy rating on Co-Diagnostics Inc with the price target of $2.

The analyst observed:

“Co-Diagnostics (CDI) shares are up ~45% following the announcement of the launch of its Vector Smart NAM test in North America. It’s summer time and with summer comes mosquitoes… and with mosquitos comes risk of vector- borne diseases. This is being further compounded by increasing globalization and also global temperatures rising which is causing vector-borne diseases like West Nile or Zika (or others) to become more prevalent in areas like the US. Vector Smart is the first ever North American multiplex polymerase chain reaction (PCR) mosquito diagnostic test.”

The Utah-based company’s press also coincided with a local news article announcing that West Nile virus had been detected in mosquitoes in the southern part of that state. West Nile, along with St. Louis encephalitis and western equine encephalitis, is one of the three viruses tested by the company’s multiplex PCR test.

According to the article, the mosquitoes were collected on July 2 in Grand County, Utah, but positive results confirming the presence of the virus weren’t returned by the Utah Public Health lab until 9 days later. In a press release in May of this year, Co-Diagnostics announced sales of mosquito tests and abatement equipment packages, anticipated by the company CEO to generate substantial revenue for the company. The reasons for the company’s belief in this vertical as a revenue producer are becoming more and more evident: A clear and urgent need exists to locate mosquitos carrying the types of viruses identified by Co-Diagnostics’ vector control products, but what’s more, areas like Grand County and over 1,000 others across the continent can shorten the turn-around time for detection to under a day by purchasing the equipment and tests from Co-Diagnostics and testing the mosquitoes locally, rather than a centralized location.

Testing mosquito populations requires also no regulatory approval by the FDA, making the domestic market for such a product line more immediately accessible than human in-vitro diagnostics and providing a clear pathway to near-term revenue.

About BDA International, Inc.:

BDA International is an independent global Investor Relations firm offering a wide range of IR-related analysis, research and advisory services. In particular, we provide and are compensated for service packages that include strategic action plans and investor/market perception studies to help entities improve communication with customers and investors, and to increase their visibility. BDA International has received no direct compensation related to this release but its principles may also in some circumstances hold some of shares of client companies in our personal portfolios, including CODX. BDA International accepts sole responsibility for the content and distribution of the foregoing release, which does not contain any previously unpublished or non-public information. Parties interested in learning more about the relationship between BDA and CODX may do so via the contact information at the bottom of this release.

Disclaimer

The information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained in this analysis reflect our current judgment and are subject to change without notice. We do not accept any responsibility or liability for any losses, damages or costs arising from an investor’s or other person’s reliance on or use of this analysis. This analysis is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities, nor a recommendation of any security, although members of the BDA may at times hold a position in the company covered within the article. Co-Diagnostics is a client of BDA International. Past gains are not a representative of future gains. The opinions herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plans,” “should,” “potential,” “forecast,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. A company’s actual results could differ materially from those described in any forward-looking statements contained herein. BDA is not a licensed broker, broker dealer, market maker, investment advisor, analyst or underwriter. We recommend that you use the information found herein as an initial starting point for conducting your own research in order to determine your own personal opinion of the companies discussed herein before deciding whether or not to invest. You should seek such investment, tax, financial, accounting or legal advice appropriate for your particular circumstances. Information about many publicly traded companies and other investor resources can be found at www.sec.gov. Investing in securities is speculative and carries risk.

Investor Relations Contact:M. Dost                                                BDA International   www.bda-ir.com

dost@bda-ir.com

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