Coronavirus Penny Stocks to Watch #2: Chembio Diagnostics
Next, Chembio Diagnostics (CEMI Stock Report) is another one of the previous coronavirus penny stocks we’ve monitored this year. Shares have mimicked the same volatile moves as TNXP and BLPH. But Chembio has managed to mount a recovery starting this week. Furthermore, shares headed even higher on March 20 after the company’s latest announcement.
Chembio reported that it received a $4 million purchase order from Bio Manguinhos. This order was for the production of DPP COVID-19 IgM/lgG system in Brazil. This is the company’s rapid test platform to help in the diagnosis of “SARS-CoV-2 infections.
Javan Esfandari, Chembio’s Executive Vice President and Chief Science & Technology Officer said, “Recent studies reiterate that both molecular and serological tests are needed to definitively confirm a virus carrier, and the strength of our DPP platform technology-enabled our team to develop a high-quality test for SARS‑CoV‑2 efficiently and rapidly. Our serology test will detect the presence of antibodies in blood indicating that a person had an immune response to SARS-CoV-2, regardless of whether symptoms developed from infection or if the infection was asymptomatic.”