Short Interest in Co-Diagnostics, Inc. (NASDAQ:CODX) Declines By 40.8%

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

Wall Street Analyst Weigh In

Several research firms have recently commented on CODX. Weiss Ratings reissued a “sell (e+)” rating on shares of Co-Diagnostics in a research report on Tuesday, September 8th. Wall Street Zen upgraded Co-Diagnostics from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Maxim Group upgraded shares of Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. One research 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 stock. Based on data from MarketBeat, Co-Diagnostics presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.50.

Co-Diagnostics Stock Performance

CODX stock traded down $0.19 on Wednesday, hitting $0.95. 1,327,969 shares of the company’s stock were exchanged, compared to its average volume of 2,534,954. The firm has a 50 day moving average price of $1.61 and a two-hundred day moving average price of $2.47. Co-Diagnostics has a 12-month low of $0.94 and a 12-month high of $46.50. The stock has a market cap of $6.66 million, a P/E ratio of -0.09 and a beta of 2.85.

Co-Diagnostics (NASDAQ:CODX) last released its quarterly earnings results on Thursday, August 13th. The company reported ($1.46) EPS for the quarter, beating analysts’ consensus estimates of ($3.00) by $1.54. The company had revenue of $0.17 million during 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%.

Institutional Trading of Co-Diagnostics

A hedge fund recently bought a new position in Co-Diagnostics stock. Susquehanna International Group LLP purchased a new position in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 31,239 shares of the company’s stock, valued at approximately $97,000. Susquehanna International Group LLP owned 0.85% of Co-Diagnostics as of its most recent filing with the Securities and Exchange Commission. 14.99% of the stock is owned by institutional investors.

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.