Shares of Co-Diagnostics (CODX) more than doubled in Monday morning trading following news of a joint venture with Arabian Eagle Manufacturing. 

CODX's stock was up more than 148% in the morning trade with retail interest on Stocktwits jumping to 'extremely bullish' from 'bearish' territory as chatter accelerated from 'low' to 'extremely high' levels over the past day. 

The newly formed joint venture, CoMira Diagnostics, will focus on researching, developing, manufacturing, and distributing Co-Diagnostics' molecular diagnostic technologies. This includes a new PCR point-of-care platform designed to deliver faster, cost-effective, and reliable diagnostics for hospitals, clinics, and healthcare providers across Saudi Arabia and 18 additional Middle East and North Africa (MENA) countries.

The company said Arabian Eagle brings regional regulatory expertise, logistics capabilities, and local operational support, while Co-Diagnostics provides the core technology and product development. Co-Diagnostics said the partnership enables local production, accelerating access to testing while lowering costs and improving turnaround times for healthcare providers.

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