Co-Diagnostics (NASDAQ:CODX) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Co-Diagnostics (NASDAQ:CODX) from a hold rating to a sell rating in a research report sent to investors on Monday morning, 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. “

Separately, HC Wainwright reissued a buy rating and set a $2.00 price target on shares of Co-Diagnostics in a research report on Friday, January 3rd.

Shares of CODX opened at $1.06 on Monday. The firm’s 50-day moving average price is $0.98 and its 200-day moving average price is $1.04. Co-Diagnostics has a 1-year low of $0.69 and a 1-year high of $3.77.

Co-Diagnostics (NASDAQ:CODX) last announced its earnings results on Wednesday, November 13th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Co-Diagnostics had a negative net margin of 5,486.08% and a negative return on equity of 202.74%. The company had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.10 million. Research analysts expect that Co-Diagnostics will post -0.35 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC lifted its position in Co-Diagnostics by 294.3% during the 3rd quarter. Barclays PLC now owns 72,950 shares of the company’s stock valued at $75,000 after acquiring an additional 54,450 shares during the period. HighTower Advisors LLC lifted its position in Co-Diagnostics by 13.0% during the 2nd quarter. HighTower Advisors LLC now owns 130,002 shares of the company’s stock valued at $107,000 after acquiring an additional 15,000 shares during the period. Finally, Vanguard Group Inc. lifted its position in Co-Diagnostics by 142.1% during the 2nd quarter. Vanguard Group Inc. now owns 340,175 shares of the company’s stock valued at $281,000 after acquiring an additional 199,685 shares during the period. 5.07% of the stock is owned by institutional investors.

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.

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