Co-Diagnostics, Inc. (NASDAQ:CODX) Sees Large Decrease in Short Interest

Co-Diagnostics, Inc. (NASDAQ:CODX) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 225,800 shares, a decrease of 30.9% from the August 31st total of 326,900 shares. Based on an average daily trading volume, of 246,900 shares, the days-to-cover ratio is presently 0.9 days.

Co-Diagnostics Trading Up 6.0 %

CODX traded up $0.07 on Friday, reaching $1.24. The company had a trading volume of 22,105 shares, compared to its average volume of 147,399. The company has a market capitalization of $39.57 million, a P/E ratio of -0.91 and a beta of -0.86. The company has a fifty day moving average of $1.28 and a 200-day moving average of $1.24. Co-Diagnostics has a one year low of $0.98 and a one year high of $2.23.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.09. Co-Diagnostics had a negative net margin of 411.18% and a negative return on equity of 44.69%. The business had revenue of $2.66 million during the quarter, compared to analysts’ expectations of $0.40 million. Research analysts predict that Co-Diagnostics will post -1.23 EPS for the current year.

Hedge Funds Weigh In On Co-Diagnostics

An institutional investor recently raised its position in Co-Diagnostics stock. SMI Advisory Services LLC raised its holdings in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) by 117.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,089 shares of the company’s stock after buying an additional 20,590 shares during the period. SMI Advisory Services LLC owned about 0.12% of Co-Diagnostics worth $43,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 14.99% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright cut their target price on Co-Diagnostics from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Monday, August 12th.

About Co-Diagnostics

Co-Diagnostics, Inc, a molecular diagnostics company, develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and internationally. The company offers Co-Dx PCR platform, a polymerase chain reaction (PCR) testing to patients in point-of-care and at-home setting.