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Omega Diagnostics (ODX) Share Price Rallies On Positive Covid Test Data

Updated: 5 May 2021

Shares of Omega Diagnostics (LON: ODX) have jumped on Wednesday after the company's Mologic COVID-19 lateral flow antigen test was independently verified in a 665-person study in Germany by FIND, a global not-for-profit foundation.

“The test was shown to demonstrate best-in-class performance with 100% specificity and 96.4% sensitivity (Cycle threshold <25) compared with laboratory PCR testing,” said Omega.

FIND is a World Health Organisation (WHO) collaborating centre for laboratory strengthening and diagnostic technology evaluation.

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Omega has CE-Marked the Mologic lateral flow antigen test for COVID-19 and has launched the test for professional use under the company's VISITECT brand. The test allows healthcare professionals to detect the coronavirus in respiratory swabs in 10 minutes.

Colin King, CEO of Omega, commented: “This is great news for the Mologic test, which we are now producing under our VISITECT brand. It is significant that the test has been shown to have high diagnostic accuracy on self-collected swab specimens.

“Rapid diagnostic tests play a crucial role in breaking the spread of infection in the community and we are delighted to be a leading manufacturer of these home-grown tests.”

Omega Diagnostics share price jumped to highs of 75p following the announcement. After giving up some of those gains they are now trading at 72p, up 3.29% from Tuesday's close.

In the past three months, Omega's stock price hasn't seen too much movement, gaining 2.86%.

Should you invest in Omega Diagnostics shares?

Omega Diagnostics shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Omega shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies

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