Co-Diagnostics (NASDAQ:CODX) Upgraded by Maxim Group to “Strong-Buy” Rating

Maxim Group upgraded shares of Co-Diagnostics (NASDAQ:CODX) from a hold rating to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports.

Several other research analysts have also recently issued reports on the stock. Weiss Ratings cut shares of Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 11th. Wall Street Zen upgraded shares of Co-Diagnostics to a “sell” rating in a research note on Saturday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.50.

Co-Diagnostics Stock Performance

Shares of NASDAQ CODX opened at $1.26 on Tuesday. The stock’s 50-day simple moving average is $2.51 and its 200-day simple moving average is $2.64. The firm has a market capitalization of $4.65 million, a PE ratio of -0.08 and a beta of 2.88. Co-Diagnostics has a fifty-two week low of $1.26 and a fifty-two week high of $46.50.

Co-Diagnostics (NASDAQ:CODX) last announced its quarterly earnings results 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. The firm had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.13 million. Co-Diagnostics had a negative return on equity of 210.99% and a negative net margin of 6,531.77%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CODX. Jane Street Group LLC raised its holdings in shares of Co-Diagnostics by 314.1% in the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after buying an additional 126,105 shares during the last quarter. Virtu Financial LLC raised its stake in Co-Diagnostics by 393.8% during the 3rd quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock valued at $44,000 after acquiring an additional 100,901 shares during the last quarter. Geode Capital Management LLC lifted its position in Co-Diagnostics by 40.4% during the 4th quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after acquiring an additional 129,158 shares during the period. Finally, Private Advisory Group LLC acquired a new stake in Co-Diagnostics during the 2nd quarter worth approximately $122,000. 14.99% of the stock is owned by hedge funds and other institutional investors.

About Co-Diagnostics

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.