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

Zacks Investment Research downgraded shares of Co-Diagnostics (NASDAQ:CODX) from a hold rating to a sell rating in a research note published on Thursday, 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. “

A number of other brokerages also recently commented on CODX. HC Wainwright began coverage on shares of Co-Diagnostics in a research report on Monday, March 11th. They issued a buy rating and a $2.00 price objective for the company. Maxim Group started coverage on shares of Co-Diagnostics in a research report on Tuesday, April 9th. They set a buy rating and a $2.00 price target for the company.

Shares of NASDAQ:CODX opened at $0.75 on Thursday. Co-Diagnostics has a 52 week low of $0.69 and a 52 week high of $4.30.

Co-Diagnostics (NASDAQ:CODX) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). Co-Diagnostics had a negative net margin of 19,057.66% and a negative return on equity of 430.95%. As a group, equities research analysts expect that Co-Diagnostics will post -0.09 EPS for the current fiscal year.

A hedge fund recently raised its stake in Co-Diagnostics stock. Vanguard Group Inc grew its stake in shares of Co-Diagnostics Inc (NASDAQ:CODX) by 18.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 95,342 shares of the company’s stock after acquiring an additional 15,027 shares during the period. Vanguard Group Inc’s holdings in Co-Diagnostics were worth $251,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 10.63% of the company’s stock.

About Co-Diagnostics

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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