Co-Diagnostics (NASDAQ:CODX) Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Co-Diagnostics (NASDAQ:CODX) from a buy rating to a hold rating in a research note issued to investors on Wednesday, 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. “

CODX has been the topic of several other reports. Maxim Group restated a hold rating on shares of Co-Diagnostics in a research report on Friday, November 12th. Litchfield Hills Research reiterated a buy rating on shares of Co-Diagnostics in a research report on Monday, November 15th. Sidoti began coverage on shares of Co-Diagnostics in a research report on Wednesday, December 29th. They set a buy rating and a $14.00 target price on the stock. Finally, HC Wainwright reiterated a buy rating and set a $15.00 target price on shares of Co-Diagnostics in a research report on Thursday, December 23rd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $13.00.

NASDAQ CODX opened at $8.86 on Wednesday. The firm has a market capitalization of $255.97 million, a price-to-earnings ratio of 6.33 and a beta of -3.32. The company’s fifty day moving average is $8.99 and its two-hundred day moving average is $9.23. Co-Diagnostics has a 52-week low of $7.01 and a 52-week high of $20.69.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings results on Thursday, November 11th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.17. The company had revenue of $30.10 million for the quarter, compared to analyst estimates of $24.00 million. Co-Diagnostics had a net margin of 40.11% and a return on equity of 50.81%. During the same period last year, the business posted $0.53 EPS. Sell-side analysts forecast that Co-Diagnostics will post 1.12 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the stock. NEXT Financial Group Inc bought a new position in Co-Diagnostics during the 3rd quarter valued at about $31,000. Black Swift Group LLC bought a new position in Co-Diagnostics during the 3rd quarter valued at about $97,000. Boothbay Fund Management LLC bought a new position in shares of Co-Diagnostics in the second quarter worth about $96,000. Raymond James Financial Services Advisors Inc. bought a new position in shares of Co-Diagnostics in the third quarter worth about $116,000. Finally, Victory Capital Management Inc. bought a new position in shares of Co-Diagnostics in the second quarter worth about $104,000. 27.64% of the stock is owned by hedge funds and other institutional investors.

About Co-Diagnostics

Co-Diagnostics, Inc engages in the development and innovation of molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications. Its diagnostics systems enable very rapid, low-cost, molecular testing for organisms and genetic diseases by automating historically complex procedures in both the development and administration of tests.

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