Thursday, July 29

Day traders are cheering on a small medical-diagnostics company that’s soared 237% today after announcing a $28 million order

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.

stock chart

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