Co-Diagnostics, Inc. (NASDAQ:CODX) Sees Significant Increase in Short Interest

Co-Diagnostics, Inc. (NASDAQ:CODX) was the target of a large growth in short interest in May. As of May 15th, there was short interest totaling 194,179 shares, a growth of 104.9% from the April 30th total of 94,771 shares. Approximately 5.7% of the company’s shares are short sold. Based on an average daily volume of 1,222,985 shares, the short-interest ratio is presently 0.2 days.

Institutional Investors Weigh In On Co-Diagnostics

Several hedge funds have recently made changes to their positions in CODX. Geode Capital Management LLC boosted its position in Co-Diagnostics by 40.4% during the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock valued at $81,000 after purchasing an additional 129,158 shares during the last quarter. Virtu Financial LLC raised its stake in shares of Co-Diagnostics by 393.8% during the 3rd quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after purchasing an additional 100,901 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Co-Diagnostics by 314.1% during the 2nd quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after buying an additional 126,105 shares during the last quarter. Hedge funds and other institutional investors own 14.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CODX shares. Wall Street Zen upgraded Co-Diagnostics to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings raised shares of Co-Diagnostics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $67.50.

Co-Diagnostics Trading Down 29.2%

NASDAQ:CODX traded down $2.49 during mid-day trading on Monday, reaching $6.04. 2,215,924 shares of the stock were exchanged, compared to its average volume of 3,973,911. The business has a fifty day moving average price of $2.49 and a 200 day moving average price of $4.57. The firm has a market capitalization of $22.29 million, a PE ratio of -0.38 and a beta of 2.70. Co-Diagnostics has a 1-year low of $1.26 and a 1-year high of $46.50.

Co-Diagnostics (NASDAQ:CODX) last issued its earnings results on Thursday, May 14th. The company reported ($4.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.75) by ($0.31). The company had revenue of $0.15 million during the quarter, compared to analyst estimates of $0.13 million. Co-Diagnostics had a negative return on equity of 164.92% and a negative net margin of 6,760.63%.

Co-Diagnostics Company Profile

Co-Diagnostics, Inc is a molecular diagnostics company headquartered in Salt Lake City, Utah, known for its proprietary CoPrimer™ technology. Founded in 2016, the company focuses on the design, development and distribution of molecular diagnostic test kits for the detection of infectious diseases, genetic mutations and other health-relevant biomarkers. Its core platform leverages patented cooperative primers, which are engineered to enhance specificity, sensitivity and cost-effectiveness compared to conventional PCR-based assays.

Through its in-house manufacturing and global supply chain partnerships, Co-Diagnostics produces a range of real-time polymerase chain reaction (qPCR) kits, reagents and customized assay development services.