Chembio Diagnostics Inc. (CEMI) shares are up 59.38% in premarket trade today.
The Chembio stock added 0.28% to close at $3.52 in the last trading session. There were 5.57 million shares traded on CEMI stock, which is less than the 0.95 million average daily trading volume recorded for the past 50 days. Since the beginning of the month, Chembio stock has retreated to -6.88% but has lost -27.72% in the last five days.
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Over the last three months, the CEMI stock price has fallen 27.87% while it has fallen -25.89 percent so far this year. News emerged of an FDA approval regarding the use of Chembio’s tests for COVID-19 that has increased the price of CEMI stock.
Why was FDA approval sought?
Chembio is an integrated diagnostics company focused on detecting and diagnosing infectious diseases, including HIV, COVID-19, and sexually transmitted diseases, as well as fever and tropical disease. The broad market applications of the Chembio DPP platform extend beyond infectious disease. Healthcare institutions, physician offices, clinical laboratories, government agencies, and consumers buy Chembio products directly and through distributors throughout the world.
The Chembio Corporation announced Thursday that its FDA Emergency Use Authorization-approved rapid point-of-care COVID-19 flu A&B test will be available at decentralized as well as traditional testing locations.
- Customers across the United States can immediately order product inventory on-hand.
- Rapid immunoassay tests require no instrumentation, produce results in 15 minutes, and are approved for use in laboratories with CLIA waiver licenses.
- Using a single swab, the test simultaneously distinguishes SARS-CoV-2 and influenza A and B infections.
Prospects for the CEMI:
COVID-19, which is currently a deadly and pandemic disease, will eventually become a common and curable disease that will survive in a low percentage in the population. And even at that point of returning to normality in society, there remain a demand for Chembio (CEMI) testing kits. This will definitely be helping CEMI grow over the long term.