Co-Diagnostics (NASDAQ:CODX) Shares Up 11.6% – Time to Buy?

Shares of Co-Diagnostics, Inc. (NASDAQ:CODX) shot up 11.6% on Monday. The stock traded as high as $1.30 and last traded at $1.25. Approximately 651,627 shares were traded during trading, an increase of 87% from the average daily volume of 348,229 shares. The stock had previously closed at $1.12.

Analyst Ratings Changes

CODX has been the subject of a number of research reports. Wall Street Zen raised Co-Diagnostics from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of Co-Diagnostics in a research note on Tuesday, September 8th. Finally, Maxim Group raised shares of Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Co-Diagnostics currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.50.

Co-Diagnostics Stock Up 11.6%

The firm has a market capitalization of $8.72 million, a P/E ratio of -0.12 and a beta of 2.90. The firm has a 50 day moving average of $1.20 and a 200-day moving average of $2.27.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.46) earnings per share (EPS) for the quarter, topping 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 business had revenue of $0.17 million for the quarter, compared to the consensus estimate of $0.13 million.

Institutional Trading of Co-Diagnostics

A hedge fund recently bought a new stake in Co-Diagnostics stock. Private Advisory Group LLC bought a new position in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 39,387 shares of the company’s stock, valued at approximately $122,000. Private Advisory Group LLC owned approximately 1.07% of Co-Diagnostics as of its most recent filing with the SEC. Institutional investors and hedge funds 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. The company develops and commercializes diagnostic technologies and laboratory tests designed to identify infectious diseases and other medical conditions using polymerase chain reaction (PCR) and related molecular methods.

Its core technology is the CoPrimer platform, which is intended to support the development of accurate, cost-efficient molecular diagnostic tests. Co-Diagnostics has marketed tests under the Logix Smart brand, including assays for respiratory and other infectious diseases.