Why Shares Of Co-Diagnostics Are Soaring

Co-Diagnostics Inc CODX shares were headed higher Monday after the company said the FDA has authorized the use of its technology in a third-party, self-administered COVID-19 test.

What Happened: Salt Lake City, Utah-based Co-Diagnostics said its partner Clinical Reference Laboratory — a privately held clinical testing lab — has received Emergency Use Authorization from the FDA for its saliva-based COVID-19 test. It can be self-administered at home or any other setting and then tested using Co-Diagnostics' patented CoPrimer technology, according to the company. 

The technology made the self-administered CRL Rapid Response test more sensitive and specific, Co-Diagnostics said.  

Why It's Important: Co-Diagnostics' Logix Smart COVID-19 test received EUA in early April and is available to all labs in the U.S. and several other countries.

The EUA received by CLA is an acknowledgment of the proficiency of Co-Diagnostics' COVID-19 test, the company said. 

"We believe that CRL's selection of the Co-Diagnostics platform, and their successful emergency use authorization from the FDA, speaks volumes about the quality, sensitivity, and specificity of our CoPrimer primer and probe technology," Co-Diagnostics CEO Dwight Egan said in a statement. 

CODX Price Action: At last check, Co-Diagnostics shares were jumping 14.17% to $27.40. 

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