Co-Diagnostics, Inc. (NASDAQ:CODX) Sees Significant Growth in Short Interest

Co-Diagnostics, Inc. (NASDAQ:CODX) was the recipient of a large growth in short interest in May. As of May 29th, there was short interest totaling 349,389 shares, a growth of 79.9% from the May 14th total of 194,179 shares. Currently, 10.0% of the company’s stock are sold short. Based on an average daily volume of 34,775,288 shares, the short-interest ratio is currently 0.0 days.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CODX shares. Weiss Ratings lowered Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. Wall Street Zen raised Co-Diagnostics to a “sell” rating in a research report on Saturday, May 23rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $67.50.

Co-Diagnostics Price Performance

Shares of NASDAQ CODX traded up $0.05 during midday trading on Tuesday, reaching $3.83. The company’s stock had a trading volume of 344,170 shares, compared to its average volume of 3,692,276. The stock has a market capitalization of $14.11 million, a P/E ratio of -0.24 and a beta of 2.70. The firm has a 50 day moving average price of $3.17 and a 200-day moving average price of $4.14. Co-Diagnostics has a 12-month low of $1.26 and a 12-month high of $46.50.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($4.06) EPS for the quarter, missing analysts’ consensus estimates of ($3.75) by ($0.31). The business had revenue of $0.15 million for the quarter, compared to the consensus estimate of $0.13 million. Co-Diagnostics had a negative return on equity of 164.92% and a negative net margin of 6,760.63%.

Institutional Trading of Co-Diagnostics

A number of large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in Co-Diagnostics by 40.4% in the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock valued at $81,000 after acquiring an additional 129,158 shares during the last quarter. Virtu Financial LLC raised its holdings in shares of Co-Diagnostics by 393.8% in the 3rd quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after purchasing an additional 100,901 shares during the period. Finally, Jane Street Group LLC lifted its stake in 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 purchasing an additional 126,105 shares during the last quarter. 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.