Shares of Co-Diagnostics, Inc. (Nasdaq:CODX), a biotech company with a patented platform for the development of molecular diagnostic tests, leaped 175+% in premarket trading today after announcing it is readying its screening test for the deadly, rapidly spreading new coronavirus.

As governments across the world take precautions to limit exposure to the outbreak, especially China (who just announced the quarantine of a FIVE large cities to try and contain the coronavirus with more than 600 confirmed cases and at least 17 dead), Co-Diagnostics announced that it used its proprietary design platform to quickly design a PCR testing kit that will help in detecting the specific strain of virus in a patient.

One of the fundamental problems that health authorities have at the moment is being able to properly diagnose and treat people.  There are a number of strains of coronavirus with hard to distinguish genetic differences, and a test designed for MERS and SARS – other coronaviruses, similar to the new strain, 2019n-CoV – would fail to accurately diagnose a patient with 2019nCoV.

Co-Diagnostics Ahead of its Competitors

In reality there are  6 types of coronavirus that can affect humans.  With it taking up to a week for symptoms to start appearing, the world could potentially be on a brink of a global outbreak, with the World Health Organization on the cusp of calling it an global health emergency.

The best way to confront this threat is through accurate diagnosis.

That’s why Dwight Egan, Co-Diagnostics CEO, said that the company is working hard and has already completed initial design work on an accurate diagnostic test to detect the new strain of coronavirus, differentiating it from other similar viruses. 

The market certainly responded positively to the notion that Co-Diagnostics could be on the vanguard to providing a solution to a potential international emergency; after jumping over 175% in pre-market trading, the stock price is currently trading up comfortably over 70%, on 30 million shares—a noticeable jump from the 116,000 average volume before releasing such momentous news!

Disclosure: Co-Diagnostics Inc is a client of BDA International.

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