Co-Diagnostics may gain due to its new coronavirus tests

Co-Diagnostics is a medical stock which has the ability to influence the post-pandemic world greatly. To be more exact, this company works on a special test called the Logix Smart COVID-19 test.

According to Co-Diagnostics, this product had managed to find SARS-CoV-2 in formalin-fixed paraffin-embedded samples from a surgical resection of tongue squamous cell carcinoma in a patient infected by COVID-19 after surgery.

Furthermore, the firm detected RNA of the SARS-CoV-2 strain in the tumor, as well as the normal submandibular gland samples using the Logix Smart COVID-19 real-time PCR test. But they couldn’t find viral RNA in metastatic and reactive lymph nodes.

The difference between this test and others is that Co-Diagnostics’ product can detect SARS-CoV-2 RNA in routine histopathological samples before COVID-19 disease development. Such a test will be beneficial for employers who are planning to test asymptomatic employees before they return to the workplace.

What do analysts think?

Co-Diagnostics’ project attracted Wall Street’s attention. H.C. Wainwright’s analyst, Yi Chen, stated that he is sufficiently impressed by the company. The test’s impressive capabilities prove the strength of Co-Diagnostics’ CoPrimer technology. The company has sold more than $100 million worth of tests since mid-May. And it is also developing additional tests to address the other obstacles in the diagnosis of coronavirus.

There is a multiplex panel to distinguish between the other upper respiratory pathogens and coronavirus, along with a test using CoPrimers to identify both Covid-19 and the antibody associated with a past infection in one test.

The company is trying to bring high-quality molecular diagnostics for infectious diseases to market. Co-Diagnostics uses a unique technology that enables more affordable testing, research, and design solutions to achieve this goal.

Chen thinks that this stock has great potential. He sat a $35 price target on the stock with a 103% upside. The stock’s average price target implies a potential twelve-month gain of 95% at $33.67.