H.C. Wainwright Reiterates Buy Rating for Co-Diagnostics (NASDAQ:CODX) Following News of Expansion into Africa
October 31 2019 - 7:00AM
H.C. Wainwright has reiterated their “Buy” rating for
Co-Diagnostics, Inc.
(Nasdaq: CODX), a biotech
with a patented platform for the development of molecular
diagnostic tests, following news that the company continues to
execute on its international expansion ambitions with the sale of
equipment and malaria test kits to one of the largest private
molecular diagnostics labs in Ghana.
The analyst’s report also reiterated their $2
price target on the back of several facts, including an evidently
large market for malaria diagnostics in the country of Ghana.
Malaria takes a heavy toll on residents of the country, being named
as the #1 reason for patients’ frequent visits to hospitals, and as
recently as 2015 the disease was responsible for 19% of recorded
deaths in the country.
In addition to test kits for malaria, the
company’s announcement and the subsequent analyst update point out
that demand exists for other infectious disease diagnostics such as
HIV, tuberculosis, HPV, and syphilis, the tests for which
Co-Diagnostics expects to provide to their customer in the future.
Of note is the fact that the installation is the only private
molecular diagnostics laboratory in Kumasi, a city with itself
roughly 1.7 million people and the capital of Ashanti, the most
populated region in Ghana with an additional 4.1 million
people.
These figures add up to Co-Diagnostics being the
reagent provider for the sole private molecular diagnostics lab
with access to 5.8 million people and a substantial infectious
disease diagnostics market, a laudable first publicized foray into
the African continent. This current milestone is supplemented by
other recent announcements concerning domestic growth in their
mosquito testing vertical, all of which inform Wainwright’s
expectation of seeing further revenue streams to drive top-line
growth for this up-and-coming biotech.
Disclosure: Co-Diagnostics Inc is a client of BDA
International.
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