Co-Diagnostics (NASDAQ:CODX) Upgraded to “Hold” at Zacks Investment Research

Co-Diagnostics (NASDAQ:CODX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Co-Diagnostics Inc. is a molecular diagnostics company. It develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company’s technology is utilized for tests which are designed using the detection and/or analysis of nucleic acid molecules. It also uses proprietary technology to design specific tests to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers. Co-Diagnostics Inc. is based in UT, United States. “

Several other research firms have also weighed in on CODX. Maxim Group started coverage on Co-Diagnostics in a research report on Tuesday, April 9th. They set a “buy” rating and a $2.00 price target on the stock. HC Wainwright initiated coverage on Co-Diagnostics in a report on Monday, March 11th. They issued a “buy” rating and a $2.00 target price on the stock.

Shares of CODX traded down $0.02 during trading hours on Wednesday, reaching $0.82. 41,800 shares of the company’s stock traded hands, compared to its average volume of 647,230. Co-Diagnostics has a 12 month low of $0.69 and a 12 month high of $4.70.

Co-Diagnostics (NASDAQ:CODX) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). Co-Diagnostics had a negative return on equity of 430.95% and a negative net margin of 19,057.66%. On average, equities analysts forecast that Co-Diagnostics will post -0.09 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of CODX. Sabby Management LLC purchased a new stake in Co-Diagnostics during the first quarter valued at $820,000. HighTower Advisors LLC increased its position in Co-Diagnostics by 22.3% in the first quarter. HighTower Advisors LLC now owns 115,002 shares of the company’s stock worth $122,000 after buying an additional 21,000 shares in the last quarter. Finally, Vanguard Group Inc increased its position in Co-Diagnostics by 18.7% in the third quarter. Vanguard Group Inc now owns 95,342 shares of the company’s stock worth $251,000 after buying an additional 15,027 shares in the last quarter. Institutional investors own 10.63% of the company’s stock.

Co-Diagnostics Company Profile

Co-Diagnostics, Inc, a molecular diagnostics company, intends to manufacture and sell reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules. It also intends to sell diagnostic equipment from other manufacturers as self-contained lab systems. Co-Diagnostics, Inc was founded in 2013 and is headquartered in Salt Lake City, Utah.

See Also: Margin

Get a free copy of the Zacks research report on Co-Diagnostics (CODX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Co-Diagnostics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Co-Diagnostics and related companies with MarketBeat.com's FREE daily email newsletter.