Co-Diagnostics, Inc. (NASDAQ:CODX – Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totaling 194,179 shares, a growth of 104.9% from the April 30th total of 94,771 shares. Based on an average daily volume of 1,222,985 shares, the days-to-cover ratio is currently 0.2 days. Approximately 5.7% of the company’s shares are sold short.
Hedge Funds Weigh In On Co-Diagnostics
A number of institutional investors have recently modified their holdings of CODX. Jane Street Group LLC increased its position in shares of Co-Diagnostics by 314.1% during the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after acquiring an additional 126,105 shares during the period. Virtu Financial LLC increased its position in shares of Co-Diagnostics by 393.8% during the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after acquiring an additional 100,901 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Co-Diagnostics by 40.4% during 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 during the period. 14.99% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on CODX. Wall Street Zen raised shares of Co-Diagnostics to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings raised shares of Co-Diagnostics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $67.50.
Co-Diagnostics Price Performance
Co-Diagnostics stock opened at $6.22 on Wednesday. Co-Diagnostics has a 1-year low of $1.26 and a 1-year high of $46.50. The firm has a market capitalization of $22.95 million, a P/E ratio of -0.39 and a beta of 2.74. The company’s 50-day moving average is $2.56 and its 200 day moving average is $4.53.
Co-Diagnostics (NASDAQ:CODX – Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported ($4.06) EPS for the quarter, missing analysts’ consensus estimates of ($3.75) by ($0.31). The company had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $0.13 million. Co-Diagnostics had a negative return on equity of 164.92% and a negative net margin of 6,760.63%.
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.
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