Why Co-Diagnostics Shares Are Skyrocketing Today

Co-Diagnostics Inc CODX shares are trading higher by 26.3% at $10.99 Thursday afternoon. The stock spiked earlier following reports suggesting the Biden Administration will announce it is directing $1.6 billion for COVID testing in high-risk settings.

Co-Diagnostics is a molecular diagnostics company. The company develops, licenses and commercializes molecular technologies such as lab systems (MDx device) and manufactures and sells reagents used for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA).

Co-Diagnostics low-cost system uses its tests to diagnose tuberculosis, Zika, hepatitis B and C, Malaria, dengue and HIV. The company's diagnostics systems enable very rapid, low-cost, sophisticated molecular testing for organisms and genetic diseases by greatly automating historically complex procedures in both the development and administration of tests.

Co-Diagnostics has a 52-week high of $30.99 and a 52-week low of $7.01.