What happened
Co-Diagnostics (CODX 18.83%), considered a coronavirus stock because of its COVID-19 testing products, was up by nearly 9% in midafternoon trading on Wednesday. That's hardly surprising, since a major pharmacy chain announced today that a test using the company's technology is now available through its digital healthcare platform.
So what
That announcement came from Walgreens Boots Alliance (WBA +0.00%), which is stepping up its efforts to make coronavirus diagnostic products more readily available to its customers. Among these products is COVID-19 RT-PCR, an in-home saliva test manufactured by privately held Clinical Research Laboratory.
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The test, which has Emergency Use Authorization from the Food and Drug Administration, harnesses Co-Diagnostics' patented testing technology. In Walgreens' announcement, the company quoted Clinical Reference Laboratory CEO Robert Thompson as saying that the test "demonstrated highly accurate results with 100% sensitivity and specificity in its FDA EUA filing."
COVID-19 RT-PCR will be available through Walgreens Find Care, the pharmacy operator's online healthcare portal. Users can order it if they meet at least one of the clinical guidelines for testing (this is ascertained through a short questionnaire). Once they complete the test, they ship it via Federal Express (FDX 2.38%); results are usually available within 24 to 48 hours.
Now what
Co-Diagnostics can only benefit from having its technology used in a test that suddenly has much wider distribution, and through a top pharmacy portal at that. While COVID-19 cases and fatalities are dropping significantly, this pandemic is far from over, and convenient testing solutions remain in high demand.
