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

Co-Diagnostics, Inc. (NASDAQ:CODX) was the recipient of a large decrease in short interest in 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 trading 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 report on Monday, August 12th.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Co-Diagnostics stock. SMI Advisory Services LLC lifted its holdings in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) by 117.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,089 shares of the company’s stock after purchasing an additional 20,590 shares during the quarter. SMI Advisory Services LLC owned 0.12% of Co-Diagnostics worth $43,000 as of its most recent SEC filing. Institutional investors and hedge funds own 14.99% of the company’s stock.

Co-Diagnostics Stock Up 26.0 %

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

About Co-Diagnostics

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.