On July 20 Chembio stock was at $2.06. However, today it is skyrocketing amid great news: it is currently trading at $4.25 in the pre-market, resulting in a 105% gain. What is the buzz? The company today announced its receipt of a $28.3 million purchase order from Bio-Manguinhos for the purchase of its DPP SARS-CoV-2 Antigen tests for delivery during 2021 to endorse the urgent needs of Brazil’s Ministry of Health in fighting the COVID-19 pandemic.
The DPP SARS-CoV-2 Antigen test detects the SARS-CoV-2 antigen, which indicates an active COVID-19 infection, in only 20 minutes through a minimally invasive nasal swab. Chembio’s delivery of the full number of tests covered by the purchase order could be problematic due to limitations of its supply chain, staffing, and liquidity, and other matters outside the company’s control.
Chembio Diagnostics, together with its subsidiaries, develops, manufactures, and commercializes point-of-care (POC) diagnostic tests to detect or diagnose diseases. The company offers tests for COVID-19, HIV and Syphilis, and Zika virus. It also develops tests for malaria, dengue, Hepatitis C, chikungunya, Chagas, ebola, leishmaniasis, Lassa, Marburg, leptospirosis, Rickettsia, and Burkholderia diseases.
Since 2009 Trevor has been eager to know the causes of financial crises. Right now he is actively searching for the next crisis which will decide the fate of the middle class in the Americas and Europe. We wish him good luck in his research.