Why Chembio Diagnostics Shares Are Trading Higher Today

Chembio Diagnostics CEMI shares are trading higher after the company announced it received a $28.3 million purchase order from Bio-Manguinhos for its DPP SARS-CoV-2 antigen tests in Brazil.

“We believe the purchase order validates the investments we made earlier this year in inventory for the DPP SARS-CoV-2 Antigen test and look forward to ramping up production. We are very proud to provide this test in Brazil and assist in efforts to manage the global pandemic," said Javan Esfandiari, Chembio's Executive VP, Chief Science & Technology Officer.

Chembio Diagnostics develops, manufactures, and commercializes point-of-care diagnostic tests that are used to detect or diagnose diseases. The company offers tests for COVID-19, HIV, Syphilis and Zika virus. The company also has collaboration agreements with Bill & Melinda Gates foundation as well as several U.S. government agencies.

At the time of publication, shares of Chembio Diagnostics were trading higher at $5.76. The stock has a 52-week low of $2.06 and a 52-week high $8.75.