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Monkeypox Virus Test Could Yield Revenue for Its Creator

 

June 1, 2022 (Investorideas.com Newswire) The Utah-based diagnostics firm has multiple shots on goal with this specific molecular test and with its convenient, fast testing platform, both in development, noted an H.C. Wainwright & Co. report.


Co-Diagnostics Inc. (CODX:NASDAQ) just finished designing a test for the monkeypox virus, reported H.C. Wainwright & Co. analyst Yi Chen in a May 27 research note.

"The company's monkeypox PCR (polymerase chain reaction) test has the potential to generate significant revenue for Co-Diagnostics if monkeypox turns out to be a fast-spreading virus of global concern," Chen wrote.

To develop this new diagnostic, the Utah-based firm used its proprietary CoPrimer technology and its own software, noted Chen.

"As demonstrated by the company's Logix Smart COVID-19 test, CoPrimer technology enables the development of affordable, accurate, high-quality molecular testing products," the analyst commented.

Should monkeypox proliferate, a need and demand for a test for it, like Co-Diagnostics', will emerge and grow, Chen pointed out. This is because traditional viral culture and serology testing is not recommended for this virus due to its long incubation period and close antigenic relationship between surface antigens.

"Molecular tests become the most rapid, sensitive, and accurate testing option for monkeypox," Chen added.

As for Co-Diagnostics' CoDx system, also in development, management intends to start clinical trials this summer, and submission of an emergency use authorization application to the U.S. Food and Drug Administration could follow, later this year.

This at-home/point-of-care PCR diagnostic platform, also based on the company's CoPrimer technology, can test for numerous viruses and bacteria, including COVID-19 and other infectious diseases. Users can activate the device through a smartphone app. Diagnostic results take about 30 minutes to generate and when ready, are delivered to the phone.

"This device is designed to provide accurate molecular test results rapidly, onsite, at an affordable price, which could help monitor the viral spread among various types of public venues, schools, and workplaces," wrote Chen.

CoDx could eventually generate revenue for Co-Diagnostics, too, highlighted Chen.

"The Co-Dx platform's ability to integrate syndromic multiplex assays for respiratory and other infectious diseases may potentially drive topline growth in the future," he added.

H.C. Wainwright has a Buy rating and a $12 per share price target on Co-Diagnostics. As of this morning, the current share price is around $5.50.

Disclosures

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

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3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional, and any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice, and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services, or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees, or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in the securities mentioned. Directors, officers, employees, or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures for H.C.Wainwright & Co., Co-Diagnostics, Inc., May 27, 2022

H.C. Wainwright & Co, LLC (the "Firm") is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Yi Chen, Ph.D. CFA and Raghuram Selvaraju, Ph.D. , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst's household has a financial interest in the securities of Co-Diagnostics, Inc. (including, without limitation, any option, right, warrant, future, long or short position).

As of April 30, 2022 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Co-Diagnostics, Inc.

Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The firm or its affiliates received compensation from Co-Diagnostics, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did not receive compensation from Co-Diagnostics, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in Co-Diagnostics, Inc. as of the date of this research report.

The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously.

No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report.

H.C. Wainwright & Co., LLC's and its affiliates' salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report.

The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst's judgment as of the date of this report and are subject to change without notice.

Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

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