Co-Diagnostics (NASDAQ:CODX) Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Co-Diagnostics (NASDAQ:CODX) from a hold rating to a sell rating in a report released on Monday, Zacks.com reports.

According to Zacks, “Co-Diagnostics Inc. is a molecular diagnostics company. It develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company’s technology is utilized for tests which are designed using the detection and/or analysis of nucleic acid molecules. It also uses proprietary technology to design specific tests to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers. Co-Diagnostics Inc. is based in UT, United States. “

A number of other analysts also recently weighed in on the company. Maxim Group set a $2.00 price target on Co-Diagnostics and gave the stock a buy rating in a report on Thursday, September 5th. HC Wainwright reiterated a buy rating and set a $2.00 price target on shares of Co-Diagnostics in a report on Friday, August 16th.

Co-Diagnostics stock traded down $0.01 during trading hours on Monday, reaching $1.05. 835 shares of the company’s stock were exchanged, compared to its average volume of 844,550. The firm’s 50 day simple moving average is $1.18 and its 200 day simple moving average is $1.04. Co-Diagnostics has a twelve month low of $0.69 and a twelve month high of $3.77.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly 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 267.08% and a negative net margin of 7,369.12%. The business had revenue of $0.06 million for the quarter. Equities research analysts forecast that Co-Diagnostics will post -0.29 EPS for the current fiscal year.

A hedge fund recently raised its stake in Co-Diagnostics stock. HighTower Advisors LLC lifted its stake in shares of Co-Diagnostics Inc (NASDAQ:CODX) by 13.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,002 shares of the company’s stock after purchasing an additional 15,000 shares during the quarter. HighTower Advisors LLC owned about 0.76% of Co-Diagnostics worth $107,000 at the end of the most recent reporting period. 5.54% of the stock is currently owned by hedge funds and other institutional investors.

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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