Co-Diagnostics Inc (NASDAQ: CODX) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The diagnostics company announced that it has entered into a research and development partnership with Stanford University. Of course, the news led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about:
- The partnership;
- what we’re seeing from the stock;
- and what we’ll be watching for with regard to CODX ahead.
CODX Heads For The Top On Partnership
As mentioned above, Co-Diagnostics is having an incredibly strong start to the trading session this morning after the company announced that its CoPrimer™ technology has caught the eye of Stanford University. In a press release issued early this morning, the company announced that its CoPrimer™ technology is being employed to achieve the objectives of a research project conducted by the Wang Group at Stanford University.
In the release, CODX announced that the purpose of the study is to develop more efficient methods to detect multiple genetic mutations in EGFR gene, including the most frequent occurring mutations in lung cancer. While the study has been ongoing for several years, with published data available, the team recently contacted Co-Diagnostics with a goal of using their technology to further improve comprehensive data detection methods of mutations that are known to cause cancer. The data from this particular study is expected to be compiled and published before the close of 2018. In a statement, Dwight Egan, CEO at CODX, had the following to offer:
We were honored that the Wang Group at Stanford University approached Co-Diagnostics and expressed interest in applying our CoPrimer technology to their endeavors to improve detection of cancer. The ability to multiplex within a single reaction, along with the heightened specificity and allowing for a massive reduction in false positives, are some of the most valuable benefits of this technology, making it ideal for cancer detection and liquid biopsy applications. The continued results of this study will help to further advance the capabilities of our technology and lay the groundwork for products to service these fast-growing markets.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of Co-Diagnostics, the news proved to be overwhelmingly positive. After all, with Stanford using the company’s technology, it receives a major bode of confidence and sign of validation from one of the most trusted universities in the world. So, it’s no surprise that excited investors are sending the stock screaming for the top in the market today. At the moment (10:42), CODX is trading at $4.89 per share after a gain of $1.99 per share or 68.62% 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 news of the use of their technologies in the study taking place at Stanford University. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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