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Chembio Shares Double on $28 Million COVID Diagnostic Test Order

The Street2021-07-21

Chembio will provide 20-minute nasal swab test to a company in Brazil.

Shares of Chembio Diagnostics (CEMI) -Get Report doubled in premarket trading Wednesday after the company received a $28.3 million purchase order from Bio-Manguinhos for SARS-CoV-2 Antigen tests in Brazil.

The test is designed to detect the COVID-19 pathogen in only 20 minutes using a "minimally invasive" nasal swab.

“We are pleased to significantly expand our customer relationship with Bio-Manguinhos to address the testing needs surrounding COVID-19,” said Javan Esfandiari, Chembio’s executive vice president, chief science and technology officer.

Shares of Chembio Diagnostics jumped 100.49% to $4.13 early Wednesday.

"We believe the purchase order validates the investments we made earlier this year in inventory for the DPP SARS-CoV-2 Antigen test and look forward to ramping up production," Esfandiari said.

Chembio is a point-of-care diagnostic company focused on infectious diseases.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment(10)

  • NgKenny
    ·2021-07-22
    Good
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  • ZomHui
    ·2021-07-22
    Test dfghhjggk ghh
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    • ZomHui: 
      Test
      2021-07-22
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  • Troytan
    ·2021-07-21
    Wow what a great news
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    • JCBL: 
      no revenue for us...too slow to react...
      2021-07-22
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    • cweida: 
      yup revenue coming!
      2021-07-22
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  • pompeepee
    ·2021-07-21
    wow like
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  • flashsplash
    ·2021-07-21
    Like please
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  • LZH93
    ·2021-07-21
    Hello
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  • Maximus88
    ·2021-07-21
    Up up up
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  • Alvintbs
    ·2021-07-21
    .
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  • Winggg
    ·2021-07-21
    Yes! 
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    • mmcjb92: 
      Good
      2021-07-21
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    • WongKaiqi: 
      ?
      2021-07-21
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    • ecpm: 
      [Strong]
      2021-07-21
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    View more 1 comments
  • abp
    ·2021-07-21
    Pls like and comment
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    • ldmmc: 
      Good
      2021-07-21
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    • KeithKoh: 
      ok
      2021-07-21
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