Wall Street Zen Downgrades Co-Diagnostics (NASDAQ:CODX) to Sell

Co-Diagnostics (NASDAQ:CODX) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

A number of other brokerages have also issued reports on CODX. Maxim Group lowered Co-Diagnostics from a “buy” rating to a “hold” rating in a research report on Friday. HC Wainwright restated a “neutral” rating on shares of Co-Diagnostics in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Co-Diagnostics in a report on Thursday, October 30th. Finally, D. Boral Capital reissued a “buy” rating and set a $90.00 target price on shares of Co-Diagnostics in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $55.00.

Co-Diagnostics Trading Down 0.1%

NASDAQ CODX opened at $2.99 on Friday. The company has a 50-day moving average price of $7.65 and a two-hundred day moving average price of $9.48. Co-Diagnostics has a 52 week low of $2.36 and a 52 week high of $46.50. The stock has a market cap of $6.07 million, a price-to-earnings ratio of -0.10 and a beta of 1.25.

Co-Diagnostics (NASDAQ:CODX) last released its quarterly earnings results on Thursday, November 13th. The company reported ($4.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($5.70) by $0.90. The company had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $0.30 million. Co-Diagnostics had a negative return on equity of 70.26% and a negative net margin of 6,347.34%. As a group, equities research analysts expect that Co-Diagnostics will post -1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Co-Diagnostics

A hedge fund recently raised its stake in Co-Diagnostics stock. Virtu Financial LLC lifted its holdings in Co-Diagnostics, Inc. (NASDAQ:CODX) by 393.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,524 shares of the company’s stock after purchasing an additional 100,901 shares during the period. Virtu Financial LLC owned about 0.21% of Co-Diagnostics worth $44,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 14.99% of the company’s stock.

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.