In morning trading shares of Decision Diagnostics Corporation (OTCMKTS: DECN) are up over 16% on news that it has received a letter from the FDA about its coronavirus home testing kit called GenViro! Covid-19 Swift Kit. The stock has already traded over 18 million shares of volume on the US OTC market. This exchange is home to many penny stocks and very small microcap companies. DECN though has a market cap over $25 million so it is larger than most stocks that trade on the OTC.
The stock began to rise a few weeks ago when the company began to issue press releases about this testing kit. It also announced two hours ago that it will release an update on Thursday with more details of the FDA contacts and potential sales to interested medical businesses. These releases are creating excitement among stock traders as you can see from these twitter comments:
ALERT $DECN NEW and PR just released this morning is detailing progress and information on FDA EUA Application along with huge upcoming PR this Thursday: Price is going higher now as result of demand: https://t.co/J8DC4AAlHY pic.twitter.com/ydDi8Z3GLr— Bryan Au (@EcoChefBryanAu) April 21, 2020
$DECN To Those That had Balls of Steel to hold through the Weekend I tip my Hat to you. We know what we hold here and will be rewarded on top of what we have already made Ten Fold. Epic News going to drop here. pic.twitter.com/ov2Yx3eVXs— Christopher “Kingmack” Flores (@FloresKingmack) April 17, 2020
If you have a lot of shares of $DECN be prepared to be rich— T.O. (@T_Moneyyy_25) April 19, 2020
There have been other penny stocks that have linked itself to the coronavirus that have recently seen moves like this such as PCL Ltd. It is hard to know if this test kit will really become a massive thing or not, but many are betting that it will be.
Today the stock market is down following the big drop in oil that has taken place this week. Many are looking to buy crashed oil and airline stocks, but a game plan is needed. I talked about that in this video update: