Co-Diagnostics, Inc. (NASDAQ:CODX) Sees Significant Drop in Short Interest

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 214,608 shares, a decline of 40.8% from the August 15th total of 362,631 shares. Based on an average daily volume of 383,382 shares, the days-to-cover ratio is currently 0.6 days. Currently, 3.1% of the shares of the stock are sold short.

Co-Diagnostics Stock Performance

NASDAQ CODX opened at $0.97 on Thursday. Co-Diagnostics has a one year low of $0.93 and a one year high of $46.50. The firm has a 50 day simple moving average of $1.58 and a 200-day simple moving average of $2.46. The firm has a market cap of $6.79 million, a price-to-earnings ratio of -0.09 and a beta of 2.85.

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

Analyst Ratings Changes

A number of brokerages have recently commented on CODX. Maxim Group upgraded shares of Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Co-Diagnostics in a research report on Tuesday, September 8th. Finally, Wall Street Zen raised shares of Co-Diagnostics from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Co-Diagnostics has a consensus rating of “Moderate Buy” and a consensus target price of $67.50.

Institutional Investors Weigh In On Co-Diagnostics

A hedge fund recently bought a new position in Co-Diagnostics stock. Susquehanna International Group LLP bought a new position in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 31,239 shares of the company’s stock, valued at approximately $97,000. Susquehanna International Group LLP owned approximately 0.85% of Co-Diagnostics at the end of the most recent quarter. 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.