Why is Decision Diagnostics Corp Stock Getting Special Attention This Year?
During the month of June, several new stocks came to the forefront after having notched up significant gains, and one of the stocks that ought to be looked into is Decision Diagnostics Corp (OTCMKTS:DECN). The stock has been on a remarkable run over the past few weeks, and since June 11, it has managed to record gains of as much as 100%.
Considering the fact that the market was still in recovery mode at the time, the rally in the Decision Diagnostics stock represents a pretty strong performance. Hence, it is necessary to take a closer look at it.
GenViro Holds Key
The company has been in existence for 18 years and is primarily known for manufacturing diabetes testing kits. However, it seems that the reason why Decision Diagnostics has now come into sharp focus is possibly due to the testing kits it has developed for detecting the coronavirus.
The Chief Executive Officer of the company, Keith Barman, stated in a recent open letter that Decision Diagnostics has also placed an early application to the United States Food and Drug Administration for EUA authorization. The device in question is known as GenViro! And the application had been submitted back on April 3. It should be noted that Decision Diagnostics operates in a highly competitive home testing kit industry that is worth as much as $15 billion.
The open letter in question was sent out by Barman earlier this month, and in that particular letter, he pointed out that while the FDA has issued as many as EUA approvals so far, many of the more promising products are still on the sidelines. In the letter, he urged the agency to not ‘go through the motions’ and stop being influenced by the ‘big guys’ in the industry.
Barman further stated that the future of the economy and many lives are at risk, which is why the FDA needs to be far more proactive with these applications. If the company’s GenViro! Kits are, in fact, provided with the approval, then it could be a major milestone for Decision Diagnostics and propel its stock to new highs.
It is clear that it has been a highly transformative time for Decision Diagnostics, and the attention of investors is quite understandable. While the open letter from the company’s CEO is in the news now, Decision Diagnostics had actually filed for a provisional patent for its GenViro! Professional COVID-19:15 Swift Kit back on June 17.
That was another milestone for the company as well. Moreover, the company also stated that the time for delivering a result had been reduced by as much as 30%, and that is something else that must have been noted by market watchers.
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