Shares of Chembio Diagnostics surged as high as 273% Wednesday as the company announced a large order for its COVID-19 tests.
Day traders on StockTwits cheered on the stock, which had hit its lowest point since 2010 the previous day.
Trading volume in Chembio also skyrocketed.

Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Day traders are cheering on a small medical diagnostics company that’s seen its stock move as high as 237% Wednesday after it announced a multi-million purchase order for its COVID-19 antigen tests.

After hitting their lowest point since 2010 on Tuesday, shares of Chembio Diagnostics shot up to $6.95 by mid-morning Wednesday. The Hauppague, New York company announced it received a $28.3 million purchase order from Bio-Manguinhos for the purchase of Chembio’s COVID-19 antigen tests.

Bio-Manguinhos develops and produces biopharmaceutical products to support Brazil’s national public health system.

Investors on financial social media site StockTwits cheered Chembio’s stock surge, with one user commenting “With this much volume I am thinking we hit high 7s before any dip!!!!! LETS GO!”

“$CEMI holding through tomorrow-not concerned about dips,” another user said.

Chembio was the top trending ticker Wednesday afternoon on StockTwits.

Trading volume also exploded in Chembio, with over 286 million shares having exchanged hands as of Wednesday afternoon, compared to the average volume of 3.8 million, according to Bloomberg data.

Read the original article on Business Insider

…read more

Source:: Business Insider

      

(Visited 2 times, 1 visits today)
  Rough arrest of man in hotel lobby leads to 4 Miami Beach officers placed on leave
News

Leave a Reply

Your email address will not be published. Required fields are marked *