Co-Diagnostics Mosquito Testing Products Generate Buzz
July 23 2019 - 7:00AM
News from Co-Diagnostics, Inc.
(Nasdaq: CODX), a
MedTech company with a patented platform for the development of
molecular diagnostic tests, recently made CODX one of the hottest
tickers of the day following the announcement of their Vector Smart
North American mosquito (NAM) test. The stock closed up 44% on the
day, after trading 31M shares—a dramatic surge from the ~55k shares
that exchanged hands the day before. Prompted by the company’s
news, an analyst from Maxim Group, who initiated coverage on CODX
in April 2019, maintained a Buy rating on Co-Diagnostics Inc with
the price target of $2.
The analyst observed:
“Co-Diagnostics (CDI) shares are up ~45%
following the announcement of the launch of its Vector Smart NAM
test in North America. It’s summer time and with summer comes
mosquitoes… and with mosquitos comes risk of vector- borne
diseases. This is being further compounded by increasing
globalization and also global temperatures rising which is causing
vector-borne diseases like West Nile or Zika (or others) to become
more prevalent in areas like the US. Vector Smart is the first ever
North American multiplex polymerase chain reaction (PCR) mosquito
diagnostic test.”
The Utah-based company’s press also coincided
with a local news article announcing that West Nile virus had been
detected in mosquitoes in the southern part of that state. West
Nile, along with St. Louis encephalitis and western equine
encephalitis, is one of the three viruses tested by the company’s
multiplex PCR test.
According to the article, the mosquitoes were
collected on July 2 in Grand County, Utah, but positive results
confirming the presence of the virus weren’t returned by the Utah
Public Health lab until 9 days later. In a press release in May of
this year, Co-Diagnostics announced sales of mosquito tests and
abatement equipment packages, anticipated by the company CEO to
generate substantial revenue for the company. The reasons for the
company’s belief in this vertical as a revenue producer are
becoming more and more evident: A clear and urgent need exists to
locate mosquitos carrying the types of viruses identified by
Co-Diagnostics’ vector control products, but what’s more, areas
like Grand County and over 1,000 others across the continent can
shorten the turn-around time for detection to under a day by
purchasing the equipment and tests from Co-Diagnostics and testing
the mosquitoes locally, rather than a centralized location.
Testing mosquito populations requires also no
regulatory approval by the FDA, making the domestic market for such
a product line more immediately accessible than human in-vitro
diagnostics and providing a clear pathway to near-term revenue.
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