Co-Diagnostics, Inc. (NASDAQ:CODX) Sees Significant Drop in Short Interest

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 309,900 shares, a decrease of 12.3% from the July 15th total of 353,200 shares. Based on an average daily volume of 130,300 shares, the days-to-cover ratio is currently 2.4 days.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright lowered their target price on shares of Co-Diagnostics from $2.00 to $1.50 and set a “neutral” rating on the stock in a research note on Monday, August 12th.

Co-Diagnostics Stock Up 26.0 %

CODX traded up $0.36 during midday trading on Monday, hitting $1.72. 2,010,715 shares of the company traded hands, compared to its average volume of 107,305. The firm has a market capitalization of $53.80 million, a PE ratio of -1.30 and a beta of -0.82. The company’s 50-day moving average is $1.29 and its 200 day moving average is $1.20. Co-Diagnostics has a 52 week low of $0.98 and a 52 week high of $1.94.

Hedge Funds Weigh In On Co-Diagnostics

An institutional investor recently raised its position in Co-Diagnostics stock. SMI Advisory Services LLC lifted its holdings in Co-Diagnostics, Inc. (NASDAQ:CODX) by 117.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 38,089 shares of the company’s stock after purchasing an additional 20,590 shares during the period. SMI Advisory Services LLC owned about 0.12% of Co-Diagnostics worth $43,000 at the end of the most recent reporting period. Institutional investors own 14.99% of the company’s stock.

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.