Market Pulse Archives

July 21, 2021, 8:50 a.m. EDT

Chembio's stock more than doubles off 11-year low after large order for COVID-19 antigen tests

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Chembio Diagnostics Inc. (CEMI)
  • X
    NASDAQ Composite Index (COMP)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Chembio Diagnostics Inc. /zigman2/quotes/200199230/composite CEMI -1.50% rocketed 102% on heavy volume in premarket trading Wednesday, infectious diseases diagnostic company announced a $28.3 million purchase order its SARS-CoV-2 antigen tests from Brazil-based Bio-Manguinhos. Trading volume spiked to 22.3 million shares, compared with the full-day average of about 525,100 shares. The stock was the biggest gainer and most actively traded ahead of the open. Chembio's SARS-CoV-2 antigen test is designed to detect an active COVID-19 infection in 20 minutes using a nasal swab. The order from Bio-Manguinhos, a subsidiary of the Oswaldo Cruz Foundation, is for delivery during 2021. To put the $28.3 million order in perspective, Chembio recorded total revenue of $32.47 million in 2020. Benchmark analyst Bruce Jackson said the order win is "important" for the company, as it tries to improve its cash position and manage its working capital. The stock, which closed Tuesday at an 11-year low, has tumbled 56.6% year to date while the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.30% has gained 12.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.02% has advanced 15.1%.

/zigman2/quotes/200199230/composite
US : U.S.: Nasdaq
$ 2.63
-0.04 -1.50%
Volume: 518,436
Sept. 24, 2021 11:53a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$76.42 million
Rev. per Employee
$91,465
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
15,006.48
-45.77 -0.30%
Volume: 1.77M
Sept. 24, 2021 11:54a
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,449.88
+0.90 +0.02%
Volume: 684.28M
Sept. 24, 2021 11:54a
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.