Short Interest in Co-Diagnostics, Inc. (NASDAQ:CODX) Declines By 65.7%

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a significant decline in short interest in June. As of June 15th, there was short interest totaling 119,689 shares, a decline of 65.7% from the May 31st total of 349,389 shares. Currently, 3.4% of the shares of the company are sold short. Based on an average daily volume of 1,199,824 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Jane Street Group LLC increased its position 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 worth $47,000 after purchasing an additional 126,105 shares during the last quarter. Virtu Financial LLC raised its position in shares of Co-Diagnostics by 393.8% during 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 in the last quarter. Finally, Geode Capital Management LLC grew its position in Co-Diagnostics by 40.4% in the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after acquiring an additional 129,158 shares in the last quarter. Hedge funds and other institutional investors own 14.99% of the company’s stock.

Co-Diagnostics Trading Up 5.5%

Shares of CODX traded up $0.16 during mid-day trading on Tuesday, reaching $3.14. 77,814 shares of the stock traded hands, compared to its average volume of 3,447,882. The company has a market cap of $11.60 million, a price-to-earnings ratio of -0.20 and a beta of 2.70. Co-Diagnostics has a 1 year low of $1.26 and a 1 year high of $46.50. The firm has a fifty day moving average price of $3.54 and a 200 day moving average price of $3.60.

Co-Diagnostics (NASDAQ:CODX) last issued 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 164.92% and a negative net margin of 6,760.63%.The business had revenue of $0.15 million during the quarter, compared to analysts’ expectations of $0.13 million.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CODX. Wall Street Zen raised Co-Diagnostics to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings lowered Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. One investment 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. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $67.50.

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.