Thursday, February 25, 2021

Maxim Group slashes price target on Co-Diagnostics Inc. [CODX] – find out why.

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Co-Diagnostics Inc. [NASDAQ: CODX] plunged by -$1.75 during the normal trading session on Thursday and reaching a high of $17.7962 during the day while it closed the day at $16.20. The company report on January 28, 2021 that Co-Diagnostics Completes FDA EUA Submission for Extraction-Free Saliva COVID-19 Test.

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The Company’s Logix Smart™ SARS-CoV-2 DS (Direct Saliva) test is designed to reduce sample processing time and cost by eliminating the extraction process.


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Co-Diagnostics, Inc. (Nasdaq-CM: CODX) (the “Company”), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced that it has completed its submission to the U.S. Food and Drug Administration (FDA) for an Emergency Use Authorization (EUA) of its Logix Smart™ SARS-CoV-2 DS (Direct Saliva) test, a COVID-19 polymerase chain reaction (PCR) diagnostic designed to detect the presence of SARS-CoV-2 in human saliva samples without first requiring RNA extraction of the sample.

Co-Diagnostics Inc. stock has also gained 3.71% of its value over the past 7 days. However, CODX stock has inclined by 37.76% in the 3 months of the year. Over the past six months meanwhile, it has lost -17.22% and gained 74.19% year-on date.

The market cap for CODX stock reached $463.00 million, with 28.08 million shares outstanding and 26.45 million shares in the current float. Compared to the average trading volume of 2.08M shares, CODX reached a trading volume of 2092227 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to 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 1.50, with the Price to Sales ratio for CODX stock in the period of the last 12 months amounting to 9.75. The Price to Book ratio for the last quarter was 8.62, with the Price to Cash per share for the same quarter was set at 0.96. Price to Free Cash Flow for CODX in the course of the last twelve months was 73.49 with Quick ratio for the last quarter at 22.70.

CODX stock trade performance evaluation

Co-Diagnostics Inc. [CODX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.71. With this latest performance, CODX shares gained by 57.13% in over the last four-week period, additionally sinking by -17.22% over the last 6 months – not to mention a rise of 417.57% 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 61.78, with the RSI for the last a single of trading hit 59.38, and the three-weeks RSI is set at 61.46 for Co-Diagnostics Inc. [CODX]. The present Moving Average for the last 50 days of trading for this stock 11.85, while it was recorded at 17.15 for the last single week of trading, and 14.95 for the last 200 days.

Co-Diagnostics Inc. [CODX]: An insightful look at the core 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 per share (EPS) analysis for Co-Diagnostics Inc. [CODX] stock

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.

Co-Diagnostics Inc. [CODX]: Insider Ownership positions

There are presently around $124 million, or 28.20% of CODX stock, in the hands of institutional investors. The top three institutional holders of CODX stocks are: BLACKROCK INC. with ownership of 1,921,670, which is approximately 6.646% of the company’s market cap and around 6.52% of the total institutional ownership; VANGUARD GROUP INC, holding 1,462,920 shares of the stock with an approximate value of $23.7 million in CODX stocks shares; and NUVEEN ASSET MANAGEMENT, LLC, currently with $10.5 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 April and at the time of the April reporting period, where 46 institutional holders increased their position in Co-Diagnostics Inc. [NASDAQ:CODX] by around 1,664,746 shares. Additionally, 34 investors decreased positions by around 812,715 shares, while 15 investors held positions by with 5,195,204 shares. The mentioned changes placed institutional holdings at 7,672,665 shares, according to the latest SEC report filing. CODX stock had 19 new institutional investments in for a total of 544,986 shares, while 15 institutional investors sold positions of 138,495 shares during the same period.

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