Why Co-Diagnostics Shares Sank Today While the Stock Market Jumped

Shares of Co-Diagnostics (NASDAQ: CODX) were sinking 7.2% lower as of 3:34 p.m. EDT on Wednesday, on a day when the major stock market indexes delivered solid gains. There weren't any new developments to explain why Co-Diagnostics stock fell. The most likely culprit behind the decline is a continued sell-off resulting from Abbott Labs (NYSE: ABT) winning FDA emergency use authorization (EUA) last week for its inexpensive rapid COVID-19 antibody test.

Co-Diagnostics' shares are down around 25% since Abbott announced on Aug. 26 that the FDA had issued EUA for its BinaxNOW COVID-19 antibody test. The cost of Abbott's test is only $5 per sample. The test can return results within 15 minutes with no special equipment required.

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Source Fool.com