Chembio Spikes 8% As Covid-19 Antibody Test Picked For Study

Stony Brook is carrying out a study to determine if convalescent blood plasma, the plasma from people who have recovered from Covid-19, can help treat hospitalized patients with active Covid-19 infection.

The Chembio test is being used to confirm that patients were infected with Covid-19 and now have adequate levels of IgG antibodies to make them eligible to donate convalescent plasma.

The company’s patented DPP technology platform, which uses a small drop of blood from the fingertip, provides high-quality, cost-effective results in approximately 15 minutes.

“We are pleased that our unique and proprietary DPP technology, which can separately and simultaneously detect and measure IgM and IgG antibodies specific to COVID-19, is the assay of choice for Stony Brook Medicine,” stated Javan Esfandiari, Executive VP and CTO of Chembio.

Year-to-date, CEMI stock has soared by an incredible 76% as the company built up to and subsequently launched its coronavirus serological point-of-care test on March 31. Serological tests measure the amount of antibodies or proteins present in the blood when the body is responding to a specific infection.

“Recent conversations in COVID-19 Dx have become increasingly focused on serology testing and its ability to surveil disease outbreaks… CEMI is a pure play point-of care company with a proven track record in serology, something that many of its future competitors can’t say” cheers Canaccord Genuity analyst Max Masucci.

He notes that CEMI has already received a $4M purchase order for its serology test from a public health organization in Brazil. The analyst reiterated his CEMI buy rating on April 2 while ramping up his price target to $10 from $7 previously. (See Chemio’s stock analysis on TipRanks)

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