Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Up 107.4% in April

Co-Diagnostics, Inc. (NASDAQ:CODX) was the target of a significant increase in short interest in April. As of April 30th, there was short interest totaling 94,771 shares, an increase of 107.4% from the April 15th total of 45,702 shares. Based on an average daily trading volume, of 127,204 shares, the days-to-cover ratio is currently 0.7 days. Currently, 2.8% of the shares of the stock are sold short.

Analyst Ratings Changes

CODX has been the subject of several recent analyst reports. Maxim Group cut Co-Diagnostics from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Wall Street Zen upgraded Co-Diagnostics from a “sell” rating to a “hold” rating in a research 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, the company has a consensus rating of “Hold” and a consensus target price of $67.50.

Co-Diagnostics Trading Down 21.2%

Shares of CODX traded down $0.35 during midday trading on Friday, reaching $1.29. The stock had a trading volume of 413,980 shares, compared to its average volume of 735,483. The company’s 50-day moving average is $1.91 and its 200 day moving average is $5.28. Co-Diagnostics has a 12-month low of $1.26 and a 12-month high of $46.50. The company has a market capitalization of $4.63 million, a price-to-earnings ratio of -0.04 and a beta of 1.26.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings data 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 return on equity of 143.23% and a negative net margin of 6,760.63%.The firm had revenue of $0.15 million during the quarter, compared to analysts’ expectations of $0.13 million.

Hedge Funds Weigh In On Co-Diagnostics

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Co-Diagnostics by 40.4% in the 4th quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after purchasing an additional 129,158 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Co-Diagnostics by 314.1% in the 2nd quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after purchasing an additional 126,105 shares in the last quarter. Finally, Virtu Financial LLC boosted its holdings in shares of Co-Diagnostics by 393.8% in the 3rd quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after purchasing an additional 100,901 shares in the last quarter. 14.99% of the stock is currently owned by hedge funds and other institutional investors.

About Co-Diagnostics

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.