Co-Diagnostics (NASDAQ:CODX) Stock Price Down 0.8% – Here’s Why

Co-Diagnostics, Inc. (NASDAQ:CODX)’s stock price was down 0.8% during trading on Monday . The company traded as low as $2.35 and last traded at $2.44. Approximately 93,912 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 578,072 shares. The stock had previously closed at $2.46.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CODX shares. Weiss Ratings lowered shares of Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Wall Street Zen upgraded shares of Co-Diagnostics to a “sell” rating in a research note on Saturday, May 23rd. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $67.50.

Co-Diagnostics Trading Down 0.8%

The stock has a market cap of $9.00 million, a P/E ratio of -0.15 and a beta of 2.84. The business’s fifty day simple moving average is $3.83 and its 200 day simple moving average is $3.01.

Co-Diagnostics (NASDAQ:CODX) last announced its earnings results on Thursday, May 14th. The company reported ($4.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.75) by ($0.31). Co-Diagnostics had a negative return on equity of 164.92% and a negative net margin of 6,760.63%.The company had revenue of $0.15 million during the quarter, compared to the consensus estimate of $0.13 million.

Institutional Trading of Co-Diagnostics

A number of hedge funds and other institutional investors have recently modified their holdings of CODX. Geode Capital Management LLC raised its position in 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 during the last quarter. Jane Street Group LLC lifted its holdings in Co-Diagnostics by 314.1% during the 2nd quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after buying an additional 126,105 shares in the last quarter. Finally, Virtu Financial LLC boosted its position in Co-Diagnostics by 393.8% in the 3rd quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock valued at $44,000 after buying an additional 100,901 shares during the last quarter. 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.