Co-Diagnostics (NASDAQ:CODX) Shares Down 1.8% – Should You Sell?

Co-Diagnostics, Inc. (NASDAQ:CODX) dropped 1.8% during trading on Tuesday . The company traded as low as $1.60 and last traded at $1.64. Approximately 240,656 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 456,896 shares. The stock had previously closed at $1.67.

Wall Street Analysts Forecast Growth

CODX has been the topic of a number of recent research reports. Wall Street Zen raised Co-Diagnostics from a “sell” rating to a “hold” rating in a research note on Saturday, February 21st. Maxim Group cut Co-Diagnostics from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $67.50.

Co-Diagnostics Price Performance

The stock has a market capitalization of $5.90 million, a PE ratio of -0.06 and a beta of 1.42. The business has a 50 day moving average price of $2.12 and a 200 day moving average price of $6.32.

Co-Diagnostics (NASDAQ:CODX) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($16.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.90) by ($12.75). The business had revenue of $0.26 million for the quarter, compared to the consensus estimate of $0.13 million. Co-Diagnostics had a negative net margin of 7,546.43% and a negative return on equity of 125.46%. On average, equities analysts expect that Co-Diagnostics, Inc. will post -10.81 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CODX. Jane Street Group LLC lifted its holdings in shares of Co-Diagnostics by 314.1% during the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after purchasing an additional 126,105 shares in the last quarter. Virtu Financial LLC lifted its holdings 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 valued at $44,000 after purchasing an additional 100,901 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Co-Diagnostics by 40.4% during 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 in the last quarter. 14.99% of the stock is owned by institutional investors.

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.