Chembio Diagnostics Inc. (NASDAQ:CEMI) dropped 19% on profit-taking, but the stock is up 77% this week. The company announced that it would release its Q2 2021 financial results on August 5, 2021, after the close of trading. In addition, the management will host a conference call to discuss the results after that.
Recently, Chembio Diagnostics announced a $28.3 million purchase order to purchase its DPP SARS-CoV-2 Antigen test from Bio-Manguinhos for delivery this year, supporting the urgent requirements of the Brazilian Ministry of Health’s efforts to address COVID-19. The company’s DPP SARS-CoV-2 has been designed to detect the coronavirus antigen within 20 minutes using a minimally invasive nasal swab.
However, fulfilling the order may face challenges caused by limitations in Chembio’s supply chain, liquidity, and staffing s well as other issues outside the company’s control. Nevertheless, EVP Chief Science & Technology Officer Javan Esfandiari said they are delighted to expand their customer relationship with Bio-Manguinhos to address COVID-19 testing needs. So, in the coming months, CEMI is a stock to watch.
Market Reaction:
On Thursday, CEMI stock plunged 19.22% at $4.31 with more than 151.18 million shares, compared to its average volume of 6.83 million shares. The stock had moved within a range of $4.2500 – 7.3400after opening the trade at $4.01. Over the past 52-week, the stock has been trading within a range of $2.0600 – 8.7500.
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