HC Wainwright Reaffirms “Buy” Rating for Co-Diagnostics (NASDAQ:CODX)

HC Wainwright reissued their buy rating on shares of Co-Diagnostics (NASDAQ:CODX) in a report released on Friday, AnalystRatings.com reports. The brokerage currently has a $2.00 price target on the stock.

“Our 12-month price target is based on a comparable universe derived enterprise value-to-sales (EV/ Sales) multiple of 5.7x and projected sales of $0.36 per share for the next 12 months. Risks include, but are not limited to: (1) lower-than-projected uptake of products; (2) inability to maintain regulatory compliance; and (3) inability to develop additional products targeting segments beyond infectious disease in developing markets. Co-Diagnostics, Inc.”,” the firm’s analyst wrote.

A number of other equities analysts have also recently weighed in on CODX. Zacks Investment Research cut shares of Co-Diagnostics from a hold rating to a sell rating in a research report on Monday, July 8th. Maxim Group set a $2.00 price objective on shares of Co-Diagnostics and gave the company a buy rating in a research report on Thursday, July 11th.

NASDAQ:CODX opened at $1.10 on Friday. The firm has a 50-day moving average of $1.10 and a two-hundred day moving average of $1.05. Co-Diagnostics has a 1-year low of $0.69 and a 1-year high of $3.77.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The firm had revenue of $0.06 million during the quarter. Co-Diagnostics had a negative net margin of 7,369.12% and a negative return on equity of 267.08%. As a group, sell-side analysts expect that Co-Diagnostics will post -0.09 earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Co-Diagnostics stock. HighTower Advisors LLC raised its position in Co-Diagnostics Inc (NASDAQ:CODX) by 13.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 130,002 shares of the company’s stock after buying an additional 15,000 shares during the period. HighTower Advisors LLC owned approximately 0.76% of Co-Diagnostics worth $107,000 at the end of the most recent quarter. 10.61% of the stock is owned by institutional investors and hedge funds.

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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