Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Up 172.9% in July

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 342,796 shares, an increase of 172.9% from the June 30th total of 125,605 shares. Currently, 9.8% of the company’s shares are sold short. Based on an average daily volume of 921,457 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CODX. Wall Street Zen upgraded Co-Diagnostics to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings cut Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Co-Diagnostics has a consensus rating of “Hold” and a consensus price target of $67.50.

Co-Diagnostics Trading Down 2.9%

NASDAQ:CODX traded down $0.06 during mid-day trading on Monday, hitting $2.04. The company had a trading volume of 160,057 shares, compared to its average volume of 3,083,004. The business has a fifty day simple moving average of $3.89 and a 200-day simple moving average of $2.92. The firm has a market capitalization of $7.53 million, a price-to-earnings ratio of -0.13 and a beta of 2.84. Co-Diagnostics has a 1 year low of $1.26 and a 1 year high of $46.50.

Co-Diagnostics (NASDAQ:CODX) last issued its earnings results on Thursday, May 14th. The company reported ($4.06) earnings per share for the quarter, missing the consensus estimate of ($3.75) by ($0.31). Co-Diagnostics had a negative return on equity of 164.92% and a negative net margin of 6,760.63%.The company had revenue of $0.15 million during the quarter, compared to analysts’ expectations of $0.13 million.

Hedge Funds Weigh In On Co-Diagnostics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 129,158 shares during the period. Jane Street Group LLC increased its stake in Co-Diagnostics by 314.1% during the 2nd quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after buying an additional 126,105 shares during the period. Finally, Virtu Financial LLC lifted its holdings in Co-Diagnostics by 393.8% in the 3rd 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. Hedge funds and other institutional investors own 14.99% of the company’s stock.

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.