Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Update

Co-Diagnostics, Inc. (NASDAQ:CODX) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 214,608 shares, a decline of 40.8% from the August 15th total of 362,631 shares. Currently, 3.1% of the company’s shares are sold short. Based on an average daily volume of 383,382 shares, the days-to-cover ratio is currently 0.6 days.

Co-Diagnostics Trading Down 16.3%

Shares of CODX traded down $0.19 during midday trading on Wednesday, reaching $0.95. 1,327,969 shares of the stock were exchanged, compared to its average volume of 2,534,954. Co-Diagnostics has a 52 week low of $0.94 and a 52 week high of $46.50. The company’s 50 day moving average is $1.61 and its two-hundred day moving average is $2.47. The company has a market capitalization of $6.66 million, a P/E ratio of -0.09 and a beta of 2.85.

Co-Diagnostics (NASDAQ:CODX) last released its quarterly earnings data on Thursday, August 13th. The company reported ($1.46) earnings per share for the quarter, beating the consensus estimate of ($3.00) by $1.54. Co-Diagnostics had a negative return on equity of 210.99% and a negative net margin of 6,531.77%.The firm had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.13 million.

Analysts Set New Price Targets

Several research firms recently commented on CODX. Wall Street Zen raised shares of Co-Diagnostics from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Co-Diagnostics in a research report on Tuesday, September 8th. Finally, Maxim Group upgraded shares of Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Co-Diagnostics currently has an average rating of “Moderate Buy” and a consensus price target of $67.50.

Institutional Investors Weigh In On Co-Diagnostics

A hedge fund recently bought a new position in Co-Diagnostics stock. Private Advisory Group LLC acquired a new stake in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 39,387 shares of the company’s stock, valued at approximately $122,000. Private Advisory Group LLC owned approximately 1.07% of Co-Diagnostics as of its most recent filing with the Securities & Exchange Commission. 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.