HC Wainwright Reaffirms Buy Rating for Co-Diagnostics (CODX)

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HC Wainwright reissued their buy rating on shares of Co-Diagnostics (NASDAQ:CODX) in a research report released on Thursday morning, AnalystRatings.com reports. They currently have a $2.00 price target on the stock.

“Our 12-month price target is based on a comparable universe derived enterprise value-to-sales (EV/Sales) multiple of 5.7x and projected sales of $0.36 per share for the next 12 months.”,” HC Wainwright’s analyst wrote.

Separately, Maxim Group began coverage on Co-Diagnostics in a report on Tuesday, April 9th. They set a buy rating and a $2.00 price objective on the stock.

NASDAQ CODX opened at $0.90 on Thursday. Co-Diagnostics has a 1-year low of $0.82 and a 1-year high of $6.66.

Co-Diagnostics (NASDAQ:CODX) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). On average, sell-side analysts predict that Co-Diagnostics will post -0.09 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC boosted its holdings in Co-Diagnostics by 22.3% during the first quarter. HighTower Advisors LLC now owns 115,002 shares of the company’s stock valued at $122,000 after purchasing an additional 21,000 shares in the last quarter. Vanguard Group Inc boosted its holdings in Co-Diagnostics by 18.7% during the third quarter. Vanguard Group Inc now owns 95,342 shares of the company’s stock valued at $251,000 after purchasing an additional 15,027 shares in the last quarter. Finally, Sabby Management LLC acquired a new stake in Co-Diagnostics during the first quarter valued at approximately $820,000. 1.43% of the stock is currently owned by institutional investors.

About Co-Diagnostics

Co-Diagnostics, Inc, a molecular diagnostics company, intends to manufacture and sell reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules. It also intends to sell diagnostic equipment from other manufacturers as self-contained lab systems. Co-Diagnostics, Inc was founded in 2013 and is headquartered in Salt Lake City, Utah.

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