Co-Diagnostics (NASDAQ:CODX) Rating Lowered to Hold at Maxim Group

Co-Diagnostics (NASDAQ:CODX) was downgraded by equities research analysts at Maxim Group from a “buy” rating to a “hold” rating in a report issued on Friday, Marketbeat Ratings reports.

A number of other analysts have also issued reports on CODX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Co-Diagnostics in a research note on Thursday, October 30th. Wall Street Zen raised shares of Co-Diagnostics to a “hold” rating in a report on Saturday, January 3rd. HC Wainwright reiterated a “neutral” rating on shares of Co-Diagnostics in a research report on Monday, November 24th. Finally, D. Boral Capital restated a “buy” rating and set a $90.00 price target on shares of Co-Diagnostics in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $55.00.

Co-Diagnostics Stock Down 0.1%

Shares of NASDAQ CODX opened at $2.99 on Friday. The company’s 50-day simple moving average is $7.65 and its 200-day simple moving average is $9.47. Co-Diagnostics has a 52-week low of $2.36 and a 52-week high of $46.50. The firm has a market cap of $6.07 million, a price-to-earnings ratio of -0.10 and a beta of 1.25.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($4.80) earnings per share for the quarter, beating analysts’ consensus estimates of ($5.70) by $0.90. Co-Diagnostics had a negative net margin of 6,347.34% and a negative return on equity of 70.26%. The firm had revenue of $0.15 million for the quarter, compared to analyst estimates of $0.30 million. Equities research analysts anticipate that Co-Diagnostics will post -1.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Co-Diagnostics stock. Virtu Financial LLC grew its stake in Co-Diagnostics, Inc. (NASDAQ:CODX) by 393.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 126,524 shares of the company’s stock after buying an additional 100,901 shares during the period. Virtu Financial LLC owned 0.21% of Co-Diagnostics worth $44,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 14.99% of the company’s stock.

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.