Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Up 172.9% in July

Co-Diagnostics, Inc. (NASDAQ:CODX) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totaling 342,796 shares, an increase of 172.9% from the June 30th total of 125,605 shares. Based on an average trading volume of 921,457 shares, the short-interest ratio is currently 0.4 days. Currently, 9.8% of the company’s shares are short sold.

Institutional Trading of Co-Diagnostics

Large investors have recently bought and sold shares of the business. Virtu Financial LLC increased its stake in Co-Diagnostics by 393.8% in the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock valued at $44,000 after purchasing an additional 100,901 shares during the period. Jane Street Group LLC grew its holdings in shares of Co-Diagnostics by 314.1% during the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after buying an additional 126,105 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Co-Diagnostics by 40.4% in the 4th 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 period. Institutional investors and hedge funds own 14.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on CODX. Weiss Ratings lowered 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 Co-Diagnostics to a “sell” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $67.50.

Co-Diagnostics Price Performance

Shares of Co-Diagnostics stock traded down $0.14 during trading on Tuesday, hitting $1.91. 1,058,421 shares of the stock were exchanged, compared to its average volume of 3,068,773. The firm’s 50-day moving average price is $3.90 and its 200 day moving average price is $2.89. The stock has a market cap of $7.02 million, a price-to-earnings ratio of -0.12 and a beta of 2.84. Co-Diagnostics has a 12-month low of $1.26 and a 12-month high of $46.50.

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

Co-Diagnostics Company Profile

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.