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How Is Chembio (CEMI) Stock Skyrocketing 95% in Premarket Session?

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Shares of leading point-of-care diagnostic company focused on infectious diseases Chembio Diagnostics Inc. (CEMI) were trading up 94.66% at $4.01 in premarket trading on Wednesday. Chembio stock decreased -16.26% to end last trading session at $2.06. CEMI stock traded 1.39 million shares on the day, above its average daily trading volume of 0.48 million shares for the previous 50 days.

In the last five days, CEMI stock share prices have retreated by -20.77; however, over the last month, they have fallen by -32.01%. Over the last three months, CEMI stock price plummeted by 43.25%, and so far this year, it has lost -56.63 percent. After receiving a multimillion-dollar order, CEMI stock has gained traction.

Who placed the order with CEMI?

Chembio is one of North America’s leading point-of-care diagnostics companies that specializes in detecting and diagnosing infectious diseases including COVID-19, respiratory disease, and insect-bite diseases. With CEMI’s vast scientific expertise, its novel DPP technology has a wide range of application beyond infectious diseases. Healthcare organizations, physician offices, clinical labs, government agencies, and consumers receive CEMI’s products directly and through distributors globally.

Yesterday, Chembio announced that it had received a 28.3 million dollar purchase order from Bio-Manguinhos.

  • Chembio’s DPP SARS-CoV-2 Antigen tests for delivery during 2021 were ordered by Bio-Manguinhos to support an urgent need of the Brazilian Ministry of Health to fight the COVID-19 pandemic.
  • The DPP SARS-CoV-2 Antigen test, which uses a nasal swab to detect the antigen, uses a minimally invasive technique to detect COVID-19 infection in only 20 minutes.
  • Chembio’s supply chain, staffing, liquidity, and other matters outside Chembio’s control may prevent CEMI from delivering all the tests on the purchase order.
  • A small drop of blood from the fingertip or alternative samples allows CEMI to provide high-quality, rapid testing results in 15 to 20 minutes.
  • A single patient sample can produce up to eight test results using CEMI’s DPP platform, providing more clinical value than other rapid tests.
  • With CEMI’s highly portable, battery-powered DPP Micro Reader, users can easily and accurately perform certain types of decentralized testing where real-time results can be obtained while patients are still on the spot.
  • Objectivity produces results that reduce the potential for human error that can occur in many rapid tests requiring visual interpretations.

A worthwhile investment by CEMI:

Chembio (CEMI) significant expansion of customer relations with Bio-Manguinhos has been encouraging as it addresses COVID-19 testing needs. As a result of this purchase order, CEMI is set to ramp up its production of the DPP SARS-CoV-2 Antigen test, justifying the investments it made earlier in the year.

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