#7 - Co-Diagnostics (NASDAQ:CODX)
If there’s one thing that the coronavirus crisis is teaching us, it’s the importance of testing. And that’s why Co-Diagnostics (NASDAQ:CODX) is having its moment. At one point, CODX stock was trading at over 300% above its pre-correction level. And it all was based on strong demand for the company’s CE-IVD Logix Smart COVID-19 test kits.
CODX was one of the first companies to have test kits available. They initially shipped the kits to four continents, but could not ship kits inside the United States due to Food and Drug Administration (FDA) regulations. However on February 29, 2020 the FDA relaxed its regulations and the company was free to ship the test kits in the United States.
At that time the company could only produce about 50,000 test kits per day. But they expect to get that number up to 150,000 per day when a production facility in India goes online. “Our facility in that country stands to more than triple our manufacturing capacity for this test, especially important to meet potential demand in the eastern hemisphere,” said CODX CEO Dwight Egan.
The stock has not managed to maintain that lofty share price of over $21 per share. But the stock is still above $9 per share. Which is still impressive considering that CODX was trading below $1 per share when the year started.
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.
Read More - Current Price
- $1.01
- Consensus Rating
- Hold
- Ratings Breakdown
- 0 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $1.50 (48.5% Upside)
