Co-Diagnostics (NASDAQ:CODX) Stock Price Down 9.9%

Co-Diagnostics Inc (NASDAQ:CODX)’s share price dropped 9.9% during mid-day trading on Wednesday . The company traded as low as $13.40 and last traded at $13.45. Approximately 2,085,500 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 7,756,375 shares. The stock had previously closed at $14.93.

CODX has been the topic of a number of research analyst reports. BidaskClub cut shares of Co-Diagnostics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Zacks Investment Research cut shares of Co-Diagnostics from a “hold” rating to a “sell” rating in a research note on Friday, August 14th. Maxim Group assumed coverage on Co-Diagnostics in a report on Friday, August 14th. They issued a “buy” rating and a $30.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $33.00 price objective on shares of Co-Diagnostics in a report on Monday, August 31st. Finally, TheStreet upgraded Co-Diagnostics from a “d” rating to a “c+” rating in a report on Thursday, August 27th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $28.00.

The firm has a fifty day moving average price of $14.99 and a 200 day moving average price of $15.40. The firm has a market cap of $386.98 million, a PE ratio of 76.56 and a beta of -3.46.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.16). Co-Diagnostics had a return on equity of 56.17% and a net margin of 31.42%. The company had revenue of $24.04 million for the quarter, compared to analysts’ expectations of $27.00 million. On average, equities research analysts predict that Co-Diagnostics Inc will post 1.62 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CODX. Tower Research Capital LLC TRC acquired a new position in Co-Diagnostics in the 1st quarter valued at about $25,000. Victory Capital Management Inc. grew its position in Co-Diagnostics by 85.2% in the 1st quarter. Victory Capital Management Inc. now owns 3,527 shares of the company’s stock valued at $27,000 after acquiring an additional 1,623 shares in the last quarter. Bank of Montreal Can acquired a new position in Co-Diagnostics in the 2nd quarter valued at about $37,000. Great West Life Assurance Co. Can acquired a new position in Co-Diagnostics in the 2nd quarter valued at about $37,000. Finally, Optimum Investment Advisors acquired a new position in Co-Diagnostics in the 2nd quarter valued at about $39,000. 23.87% of the stock is owned by institutional investors.

About Co-Diagnostics (NASDAQ:CODX)

Co-Diagnostics, Inc, a molecular diagnostics company, intends to manufacture and sell reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules. It also intends to sell diagnostic equipment from other manufacturers as self-contained lab systems. The company was founded in 2013 and is headquartered in Salt Lake City, Utah.

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