Co-Diagnostics (NASDAQ:CODX) Stock Rating Upgraded by Zacks Investment Research

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Co-Diagnostics (NASDAQ:CODX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Co-Diagnostics Inc. is a molecular diagnostics company. It develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company’s technology is utilized for tests which are designed using the detection and/or analysis of nucleic acid molecules. It also uses proprietary technology to design specific tests to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers. Co-Diagnostics Inc. is based in UT, United States. “

Separately, HC Wainwright reissued a “buy” rating and issued a $2.00 price objective on shares of Co-Diagnostics in a research note on Friday, January 3rd.

CODX opened at $0.92 on Tuesday. The stock has a fifty day moving average of $0.95 and a 200-day moving average of $1.02. Co-Diagnostics has a 12-month low of $0.69 and a 12-month high of $3.77.

Co-Diagnostics (NASDAQ:CODX) last issued its earnings results on Wednesday, November 13th. The company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). Co-Diagnostics had a negative return on equity of 202.74% and a negative net margin of 5,486.08%. The business had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.10 million. Sell-side analysts anticipate that Co-Diagnostics will post -0.35 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC boosted its holdings in shares of Co-Diagnostics by 294.3% during the third quarter. Barclays PLC now owns 72,950 shares of the company’s stock worth $75,000 after purchasing an additional 54,450 shares during the period. HighTower Advisors LLC grew its position in Co-Diagnostics by 13.0% during the second quarter. HighTower Advisors LLC now owns 130,002 shares of the company’s stock valued at $107,000 after purchasing an additional 15,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Co-Diagnostics by 142.1% in the 2nd quarter. Vanguard Group Inc. now owns 340,175 shares of the company’s stock valued at $281,000 after buying an additional 199,685 shares during the period. Institutional investors own 5.07% of the company’s stock.

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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