H.C. Wainwright Reiterates Buy Rating for Co-Diagnostics (NASDAQ:CODX) Following News of Expansion into Africa
New York, Oct. 31, 2019 (GLOBE NEWSWIRE) -- H.C. Wainwright has reiterated their “Buy” rating for Co-Diagnostics, Inc. (Nasdaq: CODX), a biotech with a patented platform for the development of molecular diagnostic tests, following news that the company continues to execute on its international expansion ambitions with the sale of equipment and malaria test kits to one of the largest private molecular diagnostics labs in Ghana.
The analyst’s report also reiterated their $2 price target on the back of several facts, including an evidently large market for malaria diagnostics in the country of Ghana. Malaria takes a heavy toll on residents of the country, being named as the #1 reason for patients’ frequent visits to hospitals, and as recently as 2015 the disease was responsible for 19% of recorded deaths in the country.
In addition to test kits for malaria, the company’s announcement and the subsequent analyst update point out that demand exists for other infectious disease diagnostics such as HIV, tuberculosis, HPV, and syphilis, the tests for which Co-Diagnostics expects to provide to their customer in the future. Of note is the fact that the installation is the only private molecular diagnostics laboratory in Kumasi, a city with itself roughly 1.7 million people and the capital of Ashanti, the most populated region in Ghana with an additional 4.1 million people.
These figures add up to Co-Diagnostics being the reagent provider for the sole private molecular diagnostics lab with access to 5.8 million people and a substantial infectious disease diagnostics market, a laudable first publicized foray into the African continent. This current milestone is supplemented by other recent announcements concerning domestic growth in their mosquito testing vertical, all of which inform Wainwright’s expectation of seeing further revenue streams to drive top-line growth for this up-and-coming biotech.
Disclosure: Co-Diagnostics Inc is a client of BDA International.
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