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

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a significant growth in short interest in the month of April. As of April 30th, there was short interest totaling 94,771 shares, a growth of 107.4% from the April 15th total of 45,702 shares. Based on an average trading volume of 127,204 shares, the short-interest ratio is presently 0.7 days. Approximately 2.8% of the shares of the company are short sold.

Co-Diagnostics Stock Up 14.1%

CODX stock traded up $0.18 during mid-day trading on Monday, reaching $1.47. 194,814 shares of the stock traded hands, compared to its average volume of 958,071. Co-Diagnostics has a 52 week low of $1.26 and a 52 week high of $46.50. The business has a 50-day moving average of $1.91 and a two-hundred day moving average of $5.28. The firm has a market capitalization of $5.28 million, a PE ratio of -0.08 and a beta of 1.26.

Co-Diagnostics (NASDAQ:CODX) last released its quarterly 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). Co-Diagnostics had a negative net margin of 6,760.63% and a negative return on equity of 164.92%. The firm had revenue of $0.15 million for the quarter, compared to the consensus estimate of $0.13 million.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CODX shares. Maxim Group cut shares of Co-Diagnostics from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Wall Street Zen upgraded shares of Co-Diagnostics from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.50.

Institutional Investors Weigh In On Co-Diagnostics

Several hedge funds have recently made changes to their positions in CODX. Geode Capital Management LLC lifted its stake in shares of Co-Diagnostics by 40.4% in the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock valued at $81,000 after buying an additional 129,158 shares during the period. Jane Street Group LLC lifted its stake in shares of Co-Diagnostics by 314.1% in the second 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 period. Finally, Virtu Financial LLC lifted its stake 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 valued at $44,000 after buying an additional 100,901 shares during the period. Institutional investors 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.