Cardio Diagnostics Holdings Inc. Experiences Stock Decline Amid New Partnership

On a recent Wednesday, Cardio Diagnostics Holdings Inc. CDIO saw its stock prices fall. This decline occurred concurrently with the announcement that Family Medicine Specialists has adopted Cardio Diagnostics' proprietary epigenetic-genetic testing approach to better evaluate patients for their risk of coronary heart disease.

Detailed Partnership Announcement

Family Medicine Specialists (FMS), focused on primary care, has agreed to integrate Cardio Diagnostics' innovative Epi+Gen CHD tests across its clinics. This integration is purposed for screening a minimum of 1,200 patients who are considered at risk of coronary heart disease and covered under various health plans such as BlueCross BlueShield Medicare, Medicaid, HMO, and PPO.

Dr. Jennifer Bellucci-Jackson, owner and principal clinician at FMS, emphasized the significance of preemptive cardiac event prevention. She stated, "With over 10,000 patient visits monthly across our eight clinics, FMS is committed to preventing avoidable cardiac events in our patients." Dr. Bellucci-Jackson also remarked on the ease of implementing Cardio Diagnostics' tests, noting their simple blood draw requirement and their ability to furnish advanced insights—beyond what current tools offer—into patient risks, emphasizing both lifesaving potential and cost savings associated with early risk detection.

Stock Market Reaction and Trading Volumes

Following the partnership news, trading of CDIO was temporarily halted several times before resuming, likely contributing to the fluctuating stock prices observed on that day. Moreover, trading volumes surged, with Benzinga Pro data indicating that CDIO experienced a substantial increase in trading volume, reaching 81.05 million shares—far exceeding its average volume of 7.36 million shares.

Despite these circumstances, the closing price for CDIO was down by 0.36%, settling at $1.38 after-hours on the said Wednesday. This price movement reflects a notable shift from earlier trading sessions, painting a complex picture of investor sentiment surrounding the stock.

Cardio, Diagnostics, Stock