Co-Diagnostics (NASDAQ:CODX) Shares Down 10.7% – Should You Sell?

Shares of Co-Diagnostics, Inc. (NASDAQ:CODX) traded down 10.7% during trading on Monday . The stock traded as low as $2.40 and last traded at $2.50. 191,475 shares were traded during mid-day trading, a decline of 24% from the average session volume of 251,042 shares. The stock had previously closed at $2.80.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. HC Wainwright reissued a “neutral” rating on shares of Co-Diagnostics in a report on Monday, November 24th. Maxim Group lowered shares of Co-Diagnostics from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Finally, Wall Street Zen raised Co-Diagnostics from a “sell” rating to a “hold” rating in a research report on Saturday, February 21st. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $55.00.

Co-Diagnostics Trading Down 10.7%

The company has a 50-day simple moving average of $2.93 and a 200 day simple moving average of $8.02. The firm has a market cap of $5.25 million, a PE ratio of -0.08 and a beta of 1.31.

Hedge Funds Weigh In On Co-Diagnostics

Large investors have recently made changes to their positions in the company. Virtu Financial LLC boosted its holdings in 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 buying an additional 100,901 shares in the last quarter. Jane Street Group LLC increased its holdings in 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. Finally, Geode Capital Management LLC increased its holdings in Co-Diagnostics by 40.4% in the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock valued at $81,000 after buying an additional 129,158 shares in the last quarter. 14.99% of the stock is currently owned by institutional investors and hedge funds.

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.