Benzinga | Aug 27, 2021 03:43PM EDT

Why Chembio Diagnostics Shares Are Trading Higher Today

Chembio Diagnostics Inc (NASDAQ:CEMI) is trading higher Friday after the company announced its launch of commercial distribution of SCOV-2 Ag Detect Rapid Test, a third party COVID-19 antigen assay.

Chembio Diagnostics said product inventory is on-hand and immediately available for shipment to customers across the United States.

The SCOV-2 Ag Detect Rapid Test provides results in 20 minutes from a nasal swab and requires no instrumentation.

"We believe this product is an important addition to our portfolio at a time when testing volume is increasing as Delta variant infections are on the rise," said Charles Caso, vice president of sales and marketing for Chembio Diagnostics.

Chembio Diagnostics develops, manufactures and commercializes point-of-care diagnostic tests designed to detect infectious diseases.

CEMI Price Action: Chembio Diagnostics has traded as high as $8.75 and as low as $2.06 over a 52-week period.

At last check Friday, the stock was up 10.80% at $2.98.

Photo by Darko Stojanovic from Pixabay.