Chembio's stock more than doubles off 11-year low after large order for COVID-19 antigen tests

3 months ago 25
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Shares of Chembio Diagnostics Inc. CEMI, +96.60% rocketed 102% connected dense measurement successful premarket trading Wednesday, infectious diseases diagnostic institution announced a $28.3 cardinal acquisition bid its SARS-CoV-2 antigen tests from Brazil-based Bio-Manguinhos. Trading measurement spiked to 22.3 cardinal shares, compared with the full-day mean of astir 525,100 shares. The banal was the biggest gainer and astir actively traded up of the open. Chembio's SARS-CoV-2 antigen trial is designed to observe an progressive COVID-19 corruption successful 20 minutes utilizing a nasal swab. The bid from Bio-Manguinhos, a subsidiary of the Oswaldo Cruz Foundation, is for transportation during 2021. To enactment the $28.3 cardinal bid successful perspective, Chembio recorded full gross of $32.47 cardinal successful 2020. Benchmark expert Bruce Jackson said the bid triumph is "important" for the company, arsenic it tries to amended its currency presumption and negociate its moving capital. The stock, which closed Tuesday astatine an 11-year low, has tumbled 56.6% twelvemonth to day portion the Nasdaq Composite COMP, +0.32% has gained 12.5% and the S&P 500 SPX, +0.57% has precocious 15.1%.

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