Maxim Group Thinks Co-Diagnostics Inc’s Stock is Going to Recover

By Jason Carr

Maxim Group analyst Jason McCarthy maintained a Buy rating on Co-Diagnostics Inc (CODXResearch Report) yesterday and set a price target of $2. The company’s shares closed yesterday at $0.90, close to its 52-week low of $0.82.

McCarthy commented:

“Co-Diagnostics (CDI) reported 1Q19 with a net loss of ($1.4M) and a cash balance of $5.4M. We estimate that the company has cash runway into late 2019, though this could be extended depending on uptake of CDI’s CoPrimer technology.”

According to TipRanks.com, McCarthy has 0 stars on 0-5 star ranking scale with an average return of -13.1% and a 28.0% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Teva Pharmaceutical Industries Limited, SELLAS Life Sciences Group Inc, and ContraVir Pharmaceuticals Inc.

Currently, the analyst consensus on Co-Diagnostics Inc is a Moderate Buy with an average price target of $2, implying a 122.4% upside from current levels. In a report issued on May 16, H.C. Wainwright also reiterated a Buy rating on the stock with a $2 price target.

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The company has a one-year high of $6.66 and a one-year low of $0.82. Currently, Co-Diagnostics Inc has an average volume of 266.1K.

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Co-Diagnostics, Inc. is a molecular diagnostics company, which engages in the development, manufacture, and marketing of diagnostics technology. The company’s products are utilized for tests that are designed using the detection and analysis of nucleic acid molecules.