Shiny Pennies subscriber,
The volatility for the stock market for the first week of March resulted in the share price of SQI Diagnostics (SQI) falling back to its January 25, 2021 price. See chart below. Being able to buy the shares for the same price as six weeks ago is a bargain basement opportunity.
The January 25th date was one of the most important throughout SQI’s history. The chart below depicts that the share price was $0.26 after it announced on the date that it was planning to submit a EUA (Emergency Use Authorization) submission to the US FDA. At the February 2021 high of $0.44, the share price had gained 69 percent.
SQI issued a press release entitled “Company Intends to Use Patient Data for Emergency Use Authorization (EUA) Submission to U.S. FDA”. The 01/25/21 release stated that patient enrollment had begun for SQI’s clinical study for its direct-to-consumer COVID-19 HOME Antibody Test with the data to be used to support its EUA regulatory submission to the U.S. FDA. The CEO of SQI stated the following in the release:
“Upon EUA approval, we believe the COVID-19 HOME Antibody Test will be the first of its kind, with its exclusive ability to measure three isotypes (IgA, IgM, and IgG) of the SARS-CoV-2 antibodies from a single finger-prick blood sample, providing a fast result within 24-48 hours with 99% accuracy, without the inconvenience of consumers having to leave their home or place of business to be tested.”
Being able to utilize a EUA submission for an FDA approval is significant. The EUA can only be used for drugs, therapies, tests or vaccines which can detect, prevent, cure or treat a life-threatening disease such as Covid-19. After a EUA is submitted the FDA can give their approval within weeks. The FDA approval of Moderna’s vaccine took two weeks and Johnson & Johnson’s approval was three weeks. For a drug which can-not be submitted via a EUA the average approval time is 12 years and cost is $350 million.
A small and not yet profitable life sciences company, SQI being able to utilize the EUA is even more significant. SQI having the ability to market and sell its Covid-19 tests could result in it’s becoming profitable quickly. The shares of SQI could quickly get back to new 2021 highs.
For access to Shiny Pennies’ analyst Keven Young’s report on SQI and share price targets click below.
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