Co-Diagnostics (NASDAQ:CODX) Upgraded at Zacks Investment Research

Co-Diagnostics (NASDAQ:CODX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The brokerage presently has a $10.00 price target on the stock. Zacks Investment Research‘s target price points to a potential downside of 37.34% from the company’s previous close.

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. “

Separately, HC Wainwright boosted their price target on shares of Co-Diagnostics from $2.00 to $4.00 and gave the stock a “buy” rating in a research report on Monday.

Shares of CODX stock traded up $7.06 during midday trading on Thursday, reaching $15.96. 58,348,485 shares of the company were exchanged, compared to its average volume of 11,026,723. Co-Diagnostics has a 12 month low of $0.69 and a 12 month high of $19.67. The company’s 50 day moving average price is $2.56 and its two-hundred day moving average price is $1.41.

Several hedge funds have recently added to or reduced their stakes in CODX. Vanguard Group Inc. raised its position in shares of Co-Diagnostics by 142.1% during the 2nd quarter. Vanguard Group Inc. now owns 340,175 shares of the company’s stock worth $281,000 after buying an additional 199,685 shares in the last quarter. Barclays PLC raised its position in shares of Co-Diagnostics by 294.3% during the 3rd quarter. Barclays PLC now owns 72,950 shares of the company’s stock worth $75,000 after buying an additional 54,450 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Co-Diagnostics during the 4th quarter worth about $34,000. Institutional investors own 4.27% 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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