Co-Diagnostics (NASDAQ:CODX) Stock Falls 3.7% – Time to Sell?

Co-Diagnostics, Inc. (NASDAQ:CODX) shares traded down 3.7% on Monday. The stock traded as low as $0.35 and last traded at $0.3533. 590,057 shares were traded during mid-day trading, an increase of 26% from the average session volume of 467,487 shares. The stock had previously closed at $0.3667.

Analysts Set New Price Targets

CODX has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Co-Diagnostics from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Maxim Group upgraded 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 research report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $45.00.

Co-Diagnostics Price Performance

The stock has a market capitalization of $3.12 million, a PE ratio of -0.03 and a beta of 2.90. The firm has a fifty day moving average price of $0.96 and a two-hundred day moving average price of $2.20.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($1.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $0.17 million during the quarter, compared to analysts’ expectations of $0.13 million.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Co-Diagnostics stock. Private Advisory Group LLC acquired a new stake in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 39,387 shares of the company’s stock, valued at approximately $122,000. Private Advisory Group LLC owned approximately 1.07% of Co-Diagnostics at the end of the most recent reporting period. 14.99% of the stock is currently owned by institutional investors and hedge funds.

About Co-Diagnostics

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.