Tuesday, January 26, 2021

Co-Diagnostics Inc. [CODX] is 1228.19% higher this YTD. Is it still time to buy?

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Co-Diagnostics Inc. [NASDAQ: CODX] traded at a low on 11/27/20, posting a -2.06 loss after which it closed the day’ session at $11.89. The company report on November 25, 2020 that Co-Diagnostics JV CoSara Receives Clearance from Indian FDA for COVID-19 2-Gene Multiplex Test.

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Co-Diagnostics, Inc. (Nasdaq: CODX) (the “Company”), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced that CoSara Diagnostics Pvt Ltd (“CoSara,” or the “JV”), its joint venture for manufacturing and sales in India, has received clearance by the Central Drugs Standard Control Organization (“CDSCO”) in India to manufacture and sell its Saragene™ COVID-19 2-gene multiplex RT-PCR test as an in vitro diagnostic (“IVD”), intended for the qualitative detection of the SARS-CoV-2 virus.


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The Saragene test kit approved by the CDSCO uses the Company’s patented CoPrimer™ technology and is based on a test originally designed by Co-Diagnostics, who also recently announced receipt of a CE marking for its Logix Smart™ SARS-CoV-2 (genes RdRp/E) multiplex test. Both the CoSara and Co-Diagnostics test target two gene markers of the SARS-CoV-2 genome, RdRp and E-gene, to identify the presence of the virus, and were designed to meet the needs of those markets where government or regulatory bodies recommend a multi-target coronavirus diagnostic.

The results of the trading session contributed to over 1505871 shares changing hands. Over the past one week, the price volatility of Co-Diagnostics Inc. stands at 12.52% while the volatility over the past one month is 10.46%.

The market cap for CODX stock reached $343.15 million, with 28.08 million shares outstanding and 26.40 million shares in the current float. Compared to the average trading volume of 3.13M shares, CODX reached a trading volume of 1505871 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Co-Diagnostics Inc. [CODX]?

Maxim Group have made an estimate for Co-Diagnostics Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 20, 2020. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price from $20 to $35. The new note on the price target was released on May 18, 2020, representing the official price target for Co-Diagnostics Inc. stock. Previously, the target price had yet another raise from $4 to $20, while H.C. Wainwright kept a Buy rating on CODX stock.

The Average True Range (ATR) for Co-Diagnostics Inc. is set at 1.36, with the Price to Sales ratio for CODX stock in the period of the last 12 months amounting to 7.22. The Price to Book ratio for the last quarter was 6.32, with the Price to Cash per share for the same quarter was set at 0.95. Price to Free Cash Flow for CODX in the course of the last twelve months was 54.47 with Quick ratio for the last quarter at 22.70.

How has CODX stock performed recently?

Co-Diagnostics Inc. [CODX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.38. With this latest performance, CODX shares dropped by -12.54% in over the last four-week period, additionally sinking by -33.94% over the last 6 months – not to mention a rise of 1238.37% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CODX stock in for the last two-week period is set at 46.19, with the RSI for the last a single of trading hit 46.82, and the three-weeks RSI is set at 45.84 for Co-Diagnostics Inc. [CODX]. The present Moving Average for the last 50 days of trading for this stock 13.47, while it was recorded at 11.23 for the last single week of trading, and 14.48 for the last 200 days.

Co-Diagnostics Inc. [CODX]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Co-Diagnostics Inc. [CODX] shares currently have an operating margin of -2741.61 and a Gross Margin at +17.04. Co-Diagnostics Inc.’s Net Margin is presently recorded at -2882.00.

Return on Total Capital for CODX is now -455.64, given the latest momentum, and Return on Invested Capital for the company is -1,826.40. Return on Equity for this stock declined to -1,826.40, with Return on Assets sitting at -328.81.

Reflecting on the efficiency of the workforce at the company, Co-Diagnostics Inc. [CODX] managed to generate an average of -$269,372 per employee. Receivables Turnover for the company is 2.97 with a Total Asset Turnover recorded at a value of 0.11.Co-Diagnostics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 22.70 and a Current Ratio set at 28.60.

Earnings analysis for Co-Diagnostics Inc. [CODX]

With the latest financial reports released by the company, Co-Diagnostics Inc. posted -0.09/share EPS, while the average EPS was predicted by analysts to be reported at -0.09/share. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CODX.

Insider trade positions for Co-Diagnostics Inc. [CODX]

There are presently around $92 million, or 32.70% of CODX stock, in the hands of institutional investors. The top three institutional holders of CODX stocks are: BLACKROCK INC. with ownership of 1,801,909, which is approximately 0.007% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 1,462,920 shares of the stock with an approximate value of $17.39 million in CODX stocks shares; and NUVEEN ASSET MANAGEMENT, LLC, currently with $7.7 million in CODX stock with ownership of nearly 191.185% of the company’s market capitalization.

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Positions in Co-Diagnostics Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 45 institutional holders increased their position in Co-Diagnostics Inc. [NASDAQ:CODX] by around 1,726,436 shares. Additionally, 39 investors decreased positions by around 621,380 shares, while 17 investors held positions by with 5,393,050 shares. The mentioned changes placed institutional holdings at 7,740,866 shares, according to the latest SEC report filing. CODX stock had 17 new institutional investments in for a total of 367,080 shares, while 20 institutional investors sold positions of 108,655 shares during the same period.

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