Co-Diagnostics (NASDAQ:CODX) Trading Up 1% – Still a Buy?

Co-Diagnostics, Inc. (NASDAQ:CODX) shares shot up 1% during mid-day trading on Wednesday . The company traded as high as $2.56 and last traded at $2.5160. 10,105 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 80,318 shares. The stock had previously closed at $2.49.

Analyst Ratings Changes

Several brokerages recently issued reports on CODX. Wall Street Zen lowered shares of Co-Diagnostics from a “hold” rating to a “sell” rating in a research report on Saturday, January 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Co-Diagnostics in a research report on Thursday, October 30th. HC Wainwright restated a “neutral” rating on shares of Co-Diagnostics in a research note on Monday, November 24th. D. Boral Capital reaffirmed a “buy” rating and issued a $90.00 target price on shares of Co-Diagnostics in a report on Tuesday, October 28th. Finally, Maxim Group lowered Co-Diagnostics from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $55.00.

Co-Diagnostics Stock Performance

The firm has a market capitalization of $5.68 million, a PE ratio of -0.08 and a beta of 1.33. The business’s fifty day simple moving average is $4.74 and its 200-day simple moving average is $8.77.

Institutional Trading of Co-Diagnostics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in Co-Diagnostics by 40.4% in the 4th quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after purchasing an additional 129,158 shares in the last quarter. Jane Street Group LLC grew its position in shares of Co-Diagnostics by 314.1% during the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after purchasing an additional 126,105 shares in the last quarter. Finally, Virtu Financial LLC increased its holdings in shares of Co-Diagnostics by 393.8% in the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after purchasing an additional 100,901 shares during the last quarter. 14.99% of the stock is currently owned by institutional investors.

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.