Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Down 65.7% in June

Co-Diagnostics, Inc. (NASDAQ:CODX) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totaling 119,689 shares, a decline of 65.7% from the May 31st total of 349,389 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average trading volume of 1,199,824 shares, the days-to-cover ratio is currently 0.1 days.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Co-Diagnostics

Institutional investors and hedge funds have recently made changes to their positions in the business. Jane Street Group LLC boosted its stake in shares of 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 acquiring an additional 126,105 shares during the last quarter. Virtu Financial LLC boosted its position in shares of 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 acquiring an additional 100,901 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Co-Diagnostics by 40.4% during the 4th 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 last quarter. Hedge funds and other institutional investors own 14.99% of the company’s stock.

Co-Diagnostics Stock Performance

Shares of CODX traded up $0.01 on Friday, hitting $3.06. 100,593 shares of the stock traded hands, compared to its average volume of 999,864. Co-Diagnostics has a one year low of $1.26 and a one year high of $46.50. The business has a 50 day simple moving average of $3.51 and a 200 day simple moving average of $3.66. The company has a market capitalization of $11.29 million, a PE ratio of -0.19 and a beta of 2.74.

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

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.