Investors took the measure of healthcare testing products specialist Co-Diagnostics (CODX) and gave it an enthusiastic thumbs-up on Thursday: The company's stock closed the session more than 7% higher. That far outpaced the S&P 500 index's 2% gain on the day.
The stock's upward move was propelled by fresh news from the company about its potential role in combating the latest potential global health threat.
Thursday morning, Co-Diagnostics announced that it has leveraged its molecular diagnostics platform to finish the principal design work on a PCR test for monkeypox, a rare and occasionally deadly virus first detected in Southern Africa.
The monkeypox test, when finalized, will utilize the company's CoPrimer technology.
"One of the most important lessons the world learned following the COVID-19 pandemic is the importance of quick, decisive action in the face of any potential outbreak of transmissible viruses," said CEO Dwight Egan in the announcement. "This means being prepared for every scenario."
"[W]e look forward to eventually making this test available in affected regions as needed to help slow the spread of the virus through early and accurate detection," he added.
Co-Diagnostics has earned a certain level of trust from investors. The company rose to prominence with its coronavirus testing products, and observers clearly believe it has the capability to bring an effective monkeypox test to market, should the threat of the disease grow and such a diagnostic be required.