Co Diagnostics (NASDAQ:CODX)
Historical Stock Chart
6 Months : From Oct 2019 to Apr 2020
The CEO of Co-Diagnostics, Inc. (Nasdaq: CODX), a biotech with a patented platform for the development of molecular diagnostic tests that has been making a name for itself in the vector control industry, sat down for an interview to discuss the recent announcement that its test for eastern equine encephalitis (EEE) has been launched in advance of the upcoming 2020 mosquito season.
The interview also covered several of the company’s other releases of late, including those related to international expansion, growth in the agricultural space, and the regulatory clearance received by their Indian manufacturing joint venture. Watch it here: https://youtu.be/uQTxPsArVkk
According to last week’s release, the new EEE test is similar to the company’s Vector Smart NAM-w test, which looks for West Nile virus (WNV), St. Louis encephalitis, and western equine encephalitis (WEE) in mosquito populations, but will identify EEE instead of WEE. When the NAM-w product launched on July 11, CODX became one of the hottest tickers of the day and traded up 44% on substantial volume.
Co-Diagnostics’ news in October relating to the launch of their Vector Smart ZDC multiplex test, for which sales have already begun, encouraged H.C. Wainwright to reiterate their Buy rating with a price target of $2.00. The majority of analysts also remain bullish on CODX following the news about their Indian JV for manufacturing receiving the “Indian FDA” approval for 5 diagnostic tests.
EEE is a rare neurological disease that kills a high percentage of those infected, as is sadly borne out in this year’s unexpected uptick in cases of EEE (36, compared to an average of 7 or so, and 14 death), and leaves a high percentage of survivors with “mild to severe brain damage” per the CDC. Cases in 2019 were reported all along the Eastern seaboard and as far west as Michigan.
Although the 2019 mosquito season has concluded, Co-Diagnostics’ current marketing push and launch of their EEE test in advance of the 2020 season appears driven by market demand, and the belief that testing mosquito populations directly is one of the primary lines of defense against the spread of mosquito-borne illnesses.
Few if any diagnostics companies have approached the mosquito abatement market so directly. And unlike in vitro diagnostics for humans, testing mosquito populations requires no regulatory approval by the FDA. This makes for an enticing combination of minimal competition, relatively straightforward pathway to domestic revenue, and a business model that they have quickly shown to be viable with sales of mosquito tests and abatement equipment packages beginning earlier this year. If the interest shown by analysts and followers of the stock is any indication, the launch of their EEE test should portend great things for this Utah-based medtech company.
Disclosure: Co-Diagnostics Inc is a client of BDA International.
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