Send me real-time posts from this site at my email

Why Co-Diagnostics Is Running Higher Today

What happened

Shares of Co-Diagnostics (NASDAQ: CODX) were running 4.6% higher Tuesday morning as of 10:30 a.m. ET on no company-specific news, though it may be getting a boost from an update from the World Health Organization (WHO).

The Dow Jones Industrial Average is down over 640 points, or 2%, from where it closed on Friday ahead of the holiday weekend, while the S&P 500 is down 112 points, or 1%.

Image source: Getty Images.

So what

The World Health Organization reported this morning there are 5,322 laboratory-confirmed cases of monkeypox. According to the WHO, 85% of the cases are in Europe.

That's of interest to Co-Diagnostics as it recently finished the principal design work on a PCR test for the monkeypox virus, which until recently was considered rare and sometimes deadly.

Although it was first detected in southern Africa, it is quickly spreading worldwide. The U.S. Centers for Disease Control (CDC) says there are 460 cases in the U.S., 40% of which are in California (95 cases) and New York (90 cases).

Now what

Co-Diagnostics CEO Dwight Egan has said the healthcare company was founded to make low-cost, high-quality tests available wherever they're needed, and it looks "forward to eventually making this test available in affected regions as needed to help slow the spread of the virus through early and accurate detection."

One of the criticisms of the early response to COVID-19 was a lack of availability of testing for the coronavirus.

10 stocks we like better than Co-Diagnostics, Inc.
When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now... and Co-Diagnostics, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

*Stock Advisor returns as of June 2, 2022

Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


Source

Popular posts

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue