Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Up 104.9% in May

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a significant increase in short interest in the month of May. As of May 15th, there was short interest totaling 194,179 shares, an increase of 104.9% from the April 30th total of 94,771 shares. Approximately 5.7% of the company’s shares are sold short. Based on an average daily volume of 1,222,985 shares, the days-to-cover ratio is presently 0.2 days.

Hedge Funds Weigh In On Co-Diagnostics

Several hedge funds have recently made changes to their positions in CODX. Virtu Financial LLC grew its holdings in shares of Co-Diagnostics by 393.8% during the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after buying an additional 100,901 shares during the last quarter. Jane Street Group LLC boosted its holdings in 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 in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Co-Diagnostics by 40.4% in the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock valued at $81,000 after purchasing an additional 129,158 shares during the last quarter. Hedge funds and other institutional investors own 14.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on CODX shares. Wall Street Zen upgraded Co-Diagnostics to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings raised Co-Diagnostics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, May 26th. One research 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 data from MarketBeat, Co-Diagnostics has an average rating of “Hold” and a consensus target price of $67.50.

Co-Diagnostics Stock Down 29.2%

NASDAQ CODX traded down $2.49 during trading hours on Monday, hitting $6.04. 2,215,924 shares of the company were exchanged, compared to its average volume of 3,973,911. The firm has a market cap of $22.29 million, a price-to-earnings ratio of -0.38 and a beta of 2.70. The company has a 50 day moving average of $2.49 and a two-hundred day moving average of $4.57. Co-Diagnostics has a 52-week low of $1.26 and a 52-week high of $46.50.

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

About Co-Diagnostics

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.