Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Up 172.9% in July

Co-Diagnostics, Inc. (NASDAQ:CODX) was the target of a significant increase in short interest during the month of July. As of July 15th, there was short interest totaling 342,796 shares, an increase of 172.9% from the June 30th total of 125,605 shares. Based on an average trading volume of 921,457 shares, the days-to-cover ratio is presently 0.4 days. Currently, 9.8% of the company’s stock are sold short.

Analysts Set New Price Targets

CODX has been the topic of several recent analyst reports. Wall Street Zen upgraded Co-Diagnostics to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings lowered Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Co-Diagnostics presently has an average rating of “Hold” and an average price target of $67.50.

Hedge Funds Weigh In On Co-Diagnostics

A number of hedge funds and other institutional investors have recently bought and sold shares of CODX. Geode Capital Management LLC raised its position in shares of Co-Diagnostics by 40.4% during 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 period. Jane Street Group LLC lifted 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 during the last quarter. Finally, Virtu Financial LLC lifted 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 during the last quarter. 14.99% of the stock is currently owned by institutional investors and hedge funds.

Co-Diagnostics Stock Performance

Shares of Co-Diagnostics stock traded down $0.06 during trading hours on Monday, reaching $2.04. The company’s stock had a trading volume of 160,057 shares, compared to its average volume of 3,083,004. Co-Diagnostics has a one year low of $1.26 and a one year high of $46.50. The company’s 50 day simple moving average is $3.89 and its 200 day simple moving average is $2.92. The stock has a market cap of $7.53 million, a P/E ratio of -0.13 and a beta of 2.84.

Co-Diagnostics (NASDAQ:CODX) last announced its quarterly earnings data 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 net margin of 6,760.63% and a negative return on equity of 164.92%. The business had revenue of $0.15 million for the quarter, compared to the consensus estimate of $0.13 million.

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.