CODX Stock Jumped A Whopping 148% Today: What’s Driving The Super Rally?

• The newly formed joint venture with Arabian Eagle will be called CoMira Diagnostics.
• It will focus on researching, developing, manufacturing, and distributing Co-Diagnostics’ molecular diagnostic technologies. 
• The venture is looking to expand its footprint in Saudi Arabia and 18 additional Middle East and North Africa countries.

Shares of Co-Diagnostics (CODX) more than doubled in Monday morning trading following news of a joint venture with Saudi Arabia-based Arabian Eagle Manufacturing. 

CODX’s stock was up more than 148% in the morning trade, reaching levels not seen in more than a year. Retail interest on Stocktwits jumped to ‘extremely bullish’ from ‘bearish’ territory as chatter accelerated from ‘low’ to ‘extremely high’ levels over the past day. 

CoMira Diagnostics To Target MENA Region

The newly formed joint venture, CoMira Diagnostics, will focus on researching, developing, manufacturing, and distributing Co-Diagnostics’ molecular diagnostic technologies. This includes a new PCR point-of-care platform designed to deliver faster, cost-effective, and reliable diagnostics for hospitals, clinics, and healthcare providers across Saudi Arabia and 18 additional Middle East and North Africa (MENA) countries.

“The KSA [Kingdom of Saudi Arabia] has published the key demand drivers that underpin that anticipated growth, and we believe that our cutting-edge PCR technology, along with the scope and mission of CoMira, addresses those drivers while reinforcing our resolve to close the accessibility gap between high-quality PCR diagnostics and those who need them."

– Dwight Egan, CEO, Co-Diagnostics

The company said Arabian Eagle brings regional regulatory expertise, logistics capabilities, and local operational support, while Co-Diagnostics provides the core technology and product development. 

Bringing In The Local Expertise

Co-Diagnostics said the partnership enables local production, accelerating access to testing while lowering costs and improving turnaround times for healthcare providers. It added that partners of the new joint venture believe that initially pursuing regulatory clearance with the Saudi Food & Drug Administration (SFDA) will directly facilitate entry into many other countries in the area.

By combining technology with local manufacturing capabilities, Co-Diagnostics said it aims to scale its molecular diagnostic solutions across the MENA region.

CODX’s stock has gained 43% so far this year, but slipped around 13% over the past 12 months.

Read also: Ethereum Outperforms Bitcoin As Retail Sentiment Improves Ahead Of Fed Rate Decision, Trump-Xi Meeting This Week

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