Co-Diagnostics (NASDAQ:CODX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Co-Diagnostics Inc. is a molecular diagnostics company. It develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company’s technology is utilized for tests which are designed using the detection and/or analysis of nucleic acid molecules. It also uses proprietary technology to design specific tests to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers. Co-Diagnostics Inc. is based in UT, United States. “

CODX has been the subject of a number of other reports. Maxim Group reiterated a “buy” rating and set a $2.00 price target on shares of Co-Diagnostics in a research report on Friday, May 17th. HC Wainwright began coverage on shares of Co-Diagnostics in a research report on Monday, March 11th. They set a “buy” rating and a $2.00 price target for the company.

Shares of CODX traded up $0.12 during trading on Wednesday, reaching $1.03. 4,939,626 shares of the company traded hands, compared to its average volume of 706,182. Co-Diagnostics has a twelve month low of $0.82 and a twelve month high of $6.66.

Co-Diagnostics (NASDAQ:CODX) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). As a group, equities research analysts predict that Co-Diagnostics will post -0.09 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc grew its holdings in shares of Co-Diagnostics by 18.7% in the third quarter. Vanguard Group Inc now owns 95,342 shares of the company’s stock valued at $251,000 after purchasing an additional 15,027 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of Co-Diagnostics by 22.3% in the first quarter. HighTower Advisors LLC now owns 115,002 shares of the company’s stock valued at $122,000 after purchasing an additional 21,000 shares in the last quarter. Finally, Sabby Management LLC acquired a new position in shares of Co-Diagnostics in the first quarter valued at approximately $820,000. Hedge funds and other institutional investors own 1.43% of the company’s stock.

Co-Diagnostics Company Profile

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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