Co-Diagnostics (NASDAQ:CODX) Stock Price Down 3.7% – Here’s Why

Co-Diagnostics, Inc. (NASDAQ:CODX)’s share price fell 3.7% during trading on Monday. The company traded as low as $0.35 and last traded at $0.3533. 590,057 shares changed hands during mid-day trading, an increase of 26% from the average daily volume of 467,487 shares. The stock had previously closed at $0.3667.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wall Street Zen upgraded Co-Diagnostics from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. Maxim Group raised shares of Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 18th. Finally, Weiss Ratings raised shares of Co-Diagnostics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Co-Diagnostics currently has a consensus rating of “Hold” and a consensus price target of $45.00.

Co-Diagnostics Price Performance

The stock has a 50 day simple moving average of $0.93 and a two-hundred day simple moving average of $2.17. The company has a market cap of $3.19 million, a price-to-earnings ratio of -0.04 and a beta of 3.15.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($1.46) EPS for the quarter, topping the consensus estimate of ($3.00) by $1.54. Co-Diagnostics had a negative return on equity of 210.99% and a negative net margin of 6,531.77%. The business had revenue of $0.17 million for the quarter, compared to analyst estimates of $0.13 million.

Institutional Trading of Co-Diagnostics

An institutional investor recently bought a new stake 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 13F filing with the Securities and Exchange Commission. The firm purchased 31,239 shares of the company’s stock, valued at approximately $97,000. Susquehanna International Group LLP owned about 0.85% of Co-Diagnostics at the end of the most recent reporting period. Institutional investors own 14.99% of the company’s stock.

Co-Diagnostics Company Profile

Co-Diagnostics, Inc is a molecular diagnostics company that develops and commercializes diagnostic tests and laboratory technologies. Based in Salt Lake City, Utah, the company focuses on assays that detect genetic material from infectious diseases and other medical conditions.

The company’s core technology is its CoPrimer platform, which is designed to support the development of molecular tests using specialized primer technology. Products associated with the platform include the Logix Smart line of real-time polymerase chain reaction (PCR) assays, covering applications such as respiratory and other infectious diseases.