Stock Alert: Chembio Diagnostics Down As FDA Revokes EUA Of Its Covid-19 Test

(RTTNews) - Shares of Chembio Diagnostics, Inc. (CEMI) tanked more than 60% Wednesday morning after the FDA revoked the emergency use authorization (EUA) of the company's Covid-19 antibody test, due to performance concerns with the accuracy of the test.

Data submitted by Chembio as well as an independent evaluation of the Chembio test at NCI showed that the company's SARS-CoV-2 antibody test, DPP COVID-19 IgM/IgG System shows higher false results than expected and that reflected in the authorized labeling for the device.

The Chembio antibody test was one of the first antibody tests authorized by the FDA during the COVID-19 public health emergency.

Chembio Diagnostics stock is currently trading at $3.96. It has traded in the range of $2.25- $15.89 in the past 52 weeks.