Co-Diagnostics (NASDAQ:CODX) Given “Buy” Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Co-Diagnostics (NASDAQ:CODX) in a research report report published on Friday morning, reports. HC Wainwright currently has a $2.00 price objective on the stock.

“Our 12-month price target is based on a comparable universe derived enterprise value-to-sales (EV/ Sales) multiple of 5.7x and projected sales of $0.36 per share for the next 12 months. Risks include, but are not limited to: (1) lower-than-projected uptake of products; (2) inability to maintain regulatory compliance; and (3) inability to develop additional products targeting segments beyond infectious disease in developing markets. Co-Diagnostics, Inc.”,” HC Wainwright’s analyst commented.

A number of other research analysts have also weighed in on CODX. Maxim Group set a $2.00 target price on shares of Co-Diagnostics and gave the stock a buy rating in a research note on Thursday, July 11th. Zacks Investment Research lowered shares of Co-Diagnostics from a hold rating to a sell rating in a research note on Monday, July 8th.

CODX traded down $0.02 during trading on Friday, reaching $1.10. The company’s stock had a trading volume of 109,200 shares, compared to its average volume of 1,833,181. The firm has a fifty day simple moving average of $1.10 and a two-hundred day simple moving average of $1.05. Co-Diagnostics has a 1 year low of $0.69 and a 1 year high of $3.77.

Co-Diagnostics (NASDAQ:CODX) last released its earnings results on Wednesday, August 14th. The company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.02). Co-Diagnostics had a negative return on equity of 408.13% and a negative net margin of 7,369.12%. The business had revenue of $0.06 million during the quarter. On average, equities analysts anticipate that Co-Diagnostics will post -0.09 earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Co-Diagnostics stock. HighTower Advisors LLC boosted its stake in Co-Diagnostics Inc (NASDAQ:CODX) by 13.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 130,002 shares of the company’s stock after purchasing an additional 15,000 shares during the period. HighTower Advisors LLC owned about 0.76% of Co-Diagnostics worth $107,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 10.61% of the company’s stock.

About Co-Diagnostics

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. Co-Diagnostics, Inc was founded in 2013 and is headquartered in Salt Lake City, Utah.

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