Co-Diagnostics Inc (NASDAQ: CODX) is flying in the market today, and for good reason. The company announced this morning that it has advanced a key technology, allowing for SNP detection. Of course, the news led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about:
- The technological advancement;
- what we’re seeing from CODX; and
- what we’ll be watching for with regard to the stock ahead.
CODX Flies On Technological Advancement
As mentioned above, Co-Diagnostics is having an incredibly strong start to the trading session this morning after the company announced an advancement in its technology. In a press release issued early this morning, the company announced the advancement of the Co-Primer™ platform technology in multiplex tests for SNP detection. This advancement will allow for multiple targets to be identified in a single reaction without costly and time-consuming re-optimization of primers.
In the release, CODX explained that SNP detection refers to finding small-scale but clinically-significant mutations in a given gene using real-time polymerase chain reaction testing. This type of testing is used to identify the presence of cancer cells or cell-free genetic material in a liquid o tissue biopsy, helping to determine the distinct type of cancer involved. In a statement, Dwight Egan, CEO at CODX, had the following to offer:
The unique structure and cooperative relationship between the Co-Primer molecules enhance PCR by making the reactions more specific, to better differentiate between similar target genetic sequences. The medical and diagnostics industries are more aware than ever of the importance of correctly and accurately identifying the existence and genetic variant of cancer in patients afflicted by this life-altering condition. The Company’s development will further augment our product offerings, where specificity is the key to unlocking successful multiplexed reactions. Industry experts have already recognized the advantages of Co-Primers in being able to “mix-and-match” primers for SNP mutations and we are confident that the potential applications of our advanced technology represents a key opportunity for the Company, and for PCR technology as a whole.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In the case of Co-Diagnostics, the news proved to be overwhelmingly positive. With the expansion of the company’s technology, it now has the ability to diagnose ailments in less time and with less expense. So, it’s no surprise to see that excited investors are sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:20), CODX is trading at $5.79 per share after a gain of $1.35 per share or 30.41% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CODX. In particular, we’re interested in following the story surrounding the company’s expanded abilities with its diagnostic testing. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!
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