HC Wainwright Cuts Co-Diagnostics (NASDAQ:CODX) Price Target to $1.00

Co-Diagnostics (NASDAQ:CODX) had its price target reduced by equities research analysts at HC Wainwright from $1.50 to $1.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 208.64% from the company’s current price.

Co-Diagnostics Stock Performance

Shares of NASDAQ:CODX traded down $0.07 during trading hours on Friday, reaching $0.32. The stock had a trading volume of 700,106 shares, compared to its average volume of 184,148. The stock has a market capitalization of $10.35 million, a price-to-earnings ratio of -0.23 and a beta of 1.29. The firm’s 50 day moving average is $0.62 and its 200-day moving average is $0.90. Co-Diagnostics has a 1 year low of $0.28 and a 1 year high of $2.23.

Co-Diagnostics (NASDAQ:CODX) last released its quarterly earnings data on Thursday, March 27th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.02). The business had revenue of $0.15 million during the quarter, compared to analysts’ expectations of $0.38 million. Co-Diagnostics had a negative net margin of 563.93% and a negative return on equity of 54.94%. Analysts forecast that Co-Diagnostics will post -1.22 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CODX. Thompson Davis & CO. Inc. boosted its stake in Co-Diagnostics by 37.8% in the fourth quarter. Thompson Davis & CO. Inc. now owns 57,200 shares of the company’s stock valued at $43,000 after acquiring an additional 15,700 shares in the last quarter. Jane Street Group LLC purchased a new position in Co-Diagnostics during the 3rd quarter worth approximately $55,000. Finally, Geode Capital Management LLC increased its position in Co-Diagnostics by 7.5% during the fourth quarter. Geode Capital Management LLC now owns 345,511 shares of the company’s stock worth $259,000 after buying an additional 24,236 shares during the period. 14.99% of the stock is owned by hedge funds and other institutional investors.

Co-Diagnostics Company Profile

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.