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Genedrive (GDRG) stock soars after EU approves new Covid test

By Neil Dennis

11:36, 9 December 2021

A healthcare worker administers a PCR test
Test delivers positive results as quickly as 7.5 minutes – Photo: Shutterstock

AIM-listed molecular diagnostics company genedrive has enjoyed a two-day share price boost following a European Union certification of its Covid-19 test kit.

Shares gained more than 20% on Thursday, to give it a two-day cumulative bump of around 60% to 77p.

Rapid results

Genedrive’s COV19-ID rapid molecular diagnostic test is a patented small polymerase chain reaction (PCR) platform which delivers positive results as quickly as 7.5 minutes and negative results at 17 minutes. The test is performed using a nasal swab and is effective in identifying known variants, including the new Omicron strain.

The company said the product was being reviewed and evaluated by a range of potential commercial partners who had actively expressed interest with regards to European opportunities.


15,940.00 Price
-0.130% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8


17,374.10 Price
-0.540% 1D Chg, %
Long position overnight fee -0.0261%
Short position overnight fee 0.0042%
Overnight fee time 22:00 (UTC)
Spread 5.0


15,958.80 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0221%
Short position overnight fee -0.0001%
Overnight fee time 22:00 (UTC)
Spread 1.5


35,320.10 Price
-0.050% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 2.2

Commercial plans

CEO David Budd said: “This is an important milestone in the development of our new rapid molecular COV19-ID test and we can now move forward with our commercial plans.”

He added: “We have developed a very fast and easy to use point of care system that will allow immediacy and convenience in molecular testing, rather than waiting many hours or days for results from a central laboratory.

“The newest variant of concern highlights that COVID is an ongoing and long-term global health issue and our ability to manage it better can be aided by rapid detection to prevent ongoing transmissions, using innovative products like the new Genedrive COV19-ID kit.”

Read more: Pound falls on prospect of Covid Plan B

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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