Co-Diagnostics Soars 29% on Covid-19 Test Approval

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By Kim Khan – Shares of Co-Diagnostics (NASDAQ:) soared into the close of trading Monday after the company said a test for Covid-19 received European regulatory approval.

The stock closed up nearly 29% at the closer of regular trading, and eased 0.8% postmarket.

The diagnostics company said its Logix Smart Coronavirus Covid-19 Test got regulatory clearance to be an in vitro diagnostic in markets that accept CE marking (European Community approval).

“Co-Diagnostics has received overwhelming interest in our novel coronavirus diagnostic from all over the world since first announcing its development a month ago,” Co-Diagnostics CEO Dwight Egan said in a statement.

“As the disease has spread from China, so have concerns about the global health community’s ability to contain and control it,” Egan said. “The first step in containment is a prompt, accurate diagnosis, and we are pleased to provide this product to those areas that are able to utilize a CE-marked IVD to protect their residents and visitors from a disease that has already affected millions.”

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