Co-Diagnostics (NASDAQ:CODX) Given Buy Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Co-Diagnostics (NASDAQ:CODX) in a report issued on Friday, reports. HC Wainwright 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.”,” HC Wainwright’s analyst wrote.

Several other research analysts have also issued reports on CODX. Maxim Group set a $2.00 price target on shares of Co-Diagnostics and gave the stock a buy rating in a research note on Thursday, July 11th. Zacks Investment Research lowered shares of Co-Diagnostics from a hold rating to a sell rating in a research note on Monday, July 8th.

Shares of Co-Diagnostics stock opened at $1.16 on Friday. The company has a 50-day moving average of $1.12 and a 200 day moving average of $1.06. Co-Diagnostics has a 1 year low of $0.69 and a 1 year high of $3.77.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.02). The business had revenue of $0.06 million during the quarter. Co-Diagnostics had a negative return on equity of 267.08% and a negative net margin of 7,369.12%. Equities research 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. Vanguard Group Inc. raised its position in shares of Co-Diagnostics Inc (NASDAQ:CODX) by 142.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 340,175 shares of the company’s stock after purchasing an additional 199,685 shares during the quarter. Vanguard Group Inc. owned 2.00% of Co-Diagnostics worth $281,000 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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