Despite the widespread optimism about the reopening of the economy, the threat of the coronavirus pandemic still exists, and hence there is still significant demand for testing kits. Co-Diagnostics Inc (NASDAQ:CODX) is one of the better-known providers of these coronavirus testing kits, and that has brought the stock in focus.
Key Things To Watch
During the course of this crisis, the Co-Diagnostics stock has recorded gains despite certain pitfalls in between. Considering the current situation, it might be a good idea for investors to take a closer look at the Co-Diagnostics stock.
One of the most important things to mention in this regard is that as long as a vaccine for the coronavirus does not hit the market, the demand for testing kits is going to remain high. At the end of the day, high testing volumes remain the only solution to tackle the problem and hence, the continued high demand for testing kits.
In addition to that, Co-Diagnostics has also proven that it can supply an adequate number of testing kits that can take care of the rising demand. It should be noted that by March 20 this year, the company had already produced as many as 6 million kits.
However, that is not all. Co-Diagnostics has also ordered material by way of which it will be able to produce 20 million more kits. Hence, the company is perfectly capable of taking care of the rising demand. In addition to that, the company has also revealed that its testing kits have demonstrated 100% sensitivity and 100% specificity in a range of independent tests.
This goes to show that the product is not only reliable but can also be supplied in abundance if the demand rises. Co-Diagnostics is now involved in fulfilling a vital need in the market, and the demand for its product is expected to persist in the near term. In such a situation, the company could continue to be a major player in the fight against coronavirus.