Short Interest in Co-Diagnostics, Inc. (NASDAQ:CODX) Grows By 79.9%

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

Institutional Trading of Co-Diagnostics

Hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC lifted 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 last quarter. Geode Capital Management LLC lifted its holdings in shares of Co-Diagnostics by 40.4% in the 4th quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after purchasing an additional 129,158 shares during the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Co-Diagnostics by 314.1% in the 2nd quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after purchasing an additional 126,105 shares during the last quarter. Institutional investors own 14.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CODX shares. Weiss Ratings lowered Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 11th. Wall Street Zen upgraded Co-Diagnostics to a “sell” rating in a research report on Saturday, May 23rd. One analyst has rated the stock with a Buy rating, two have 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 “Hold” and an average target price of $67.50.

Co-Diagnostics Trading Up 1.6%

Shares of NASDAQ CODX opened at $3.84 on Wednesday. The company has a market cap of $14.17 million, a price-to-earnings ratio of -0.24 and a beta of 2.74. Co-Diagnostics has a 12-month low of $1.26 and a 12-month high of $46.50. The stock’s 50 day simple moving average is $3.21 and its 200 day simple moving average is $4.10.

Co-Diagnostics (NASDAQ:CODX) last announced its quarterly earnings results 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 company had revenue of $0.15 million during 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%.

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.