Co-Diagnostics (NASDAQ:CODX) Trading Down 10.7% – Here’s Why

Co-Diagnostics, Inc. (NASDAQ:CODX)’s share price was down 10.7% on Monday . The company traded as low as $2.40 and last traded at $2.50. Approximately 191,475 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 251,042 shares. The stock had previously closed at $2.80.

Analysts Set New Price Targets

Several research analysts recently weighed in on CODX shares. HC Wainwright restated a “neutral” rating on shares of Co-Diagnostics in a research note on Monday, November 24th. Wall Street Zen raised Co-Diagnostics from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. Finally, Maxim Group lowered Co-Diagnostics from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Co-Diagnostics presently has a consensus rating of “Hold” and a consensus target price of $55.00.

Co-Diagnostics Trading Down 10.7%

The stock has a market capitalization of $5.25 million, a price-to-earnings ratio of -0.08 and a beta of 1.31. The firm has a 50-day moving average of $2.93 and a 200-day moving average of $8.02.

Institutional Investors Weigh In On Co-Diagnostics

A number of institutional investors and hedge funds have recently modified their holdings of CODX. Virtu Financial LLC boosted its position in Co-Diagnostics by 393.8% in the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock valued at $44,000 after buying an additional 100,901 shares during the last quarter. Jane Street Group LLC raised its position in Co-Diagnostics by 314.1% during the 2nd quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after buying an additional 126,105 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Co-Diagnostics by 40.4% during the 4th quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after buying an additional 129,158 shares during the last quarter. Institutional investors and hedge funds own 14.99% of the company’s stock.

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.