Co-Diagnostics (NASDAQ:CODX) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Co-Diagnostics (NASDAQ:CODX) from a sell rating to a hold rating in a report issued on Saturday morning.

Several other equities research analysts also recently weighed in on CODX. Maxim Group raised Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. Weiss Ratings cut shares of Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Co-Diagnostics currently has an average rating of “Moderate Buy” and a consensus price target of $67.50.

Co-Diagnostics Stock Up 5.2%

CODX opened at $1.21 on Friday. Co-Diagnostics has a 52 week low of $0.94 and a 52 week high of $46.50. The business has a 50 day moving average price of $2.30 and a two-hundred day moving average price of $2.61. The company has a market cap of $7.56 million, a PE ratio of -0.12 and a beta of 2.87.

Co-Diagnostics (NASDAQ:CODX) last announced its earnings results on Thursday, August 13th. The company reported ($1.46) earnings per share for the quarter, beating the consensus estimate of ($3.00) by $1.54. The company had revenue of $0.17 million for the quarter, compared to the consensus estimate of $0.13 million. Co-Diagnostics had a negative return on equity of 210.99% and a negative net margin of 6,531.77%.

Hedge Funds Weigh In On Co-Diagnostics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake 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 buying an additional 129,158 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Co-Diagnostics by 314.1% in the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after buying an additional 126,105 shares in the last quarter. Virtu Financial LLC boosted its stake in shares of Co-Diagnostics by 393.8% in the third 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 in the last quarter. Private Advisory Group LLC acquired a new position in Co-Diagnostics during the second quarter worth $122,000. Finally, Susquehanna International Group LLP acquired a new position in Co-Diagnostics during the second quarter worth $97,000. Institutional investors and hedge funds 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.