Taking a look at Co-Diagnostics (NASDAQ: CODX)

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There has been a lot of buzz around this speculative stock Co-Diagnostics (NASDAQ: CODX). Co-Diagnostics is a molecular diagnostics company that uses molecular tools for testing infectious diseases.

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C0-Diagnostics is trading 5% higher today with volume of roughly 6.2 million. The company has an average trading volume of 9.7 million with a stochastic of 65.89%.

They saw a boost in their share price yesterday after announcing that they have received a CE Mark for the novel Coronavirus test. The Logix Smart™ COVID-19 Test is now available for export from the United States as a CE-marked IVD.

Dwight Egan, CEO of CO-Diagnostics, said in a statement: “Co-Diagnostics has received overwhelming interest in our novel coronavirus diagnostic from all over the world. We are pleased to provide this product to those areas that are able to utilize a CE-marked IVD to protect their residents and visitors from a disease that has already affected millions”

At the beginning of the month, Co-Diagnostics had announced its initial launch of the Coronavirus test on its Logix Smart™ platform. The company said that the test is ready for sale to appropriate laboratories, hospitals, and institutions in need of a solution to the Coronavirus epidemic.

Co-Diagnostics Performance

Co-Diagnostics (CODX) YTD performance is (+364.70%), its 3-month performance is (+346.92%), and its 1 month performance is (+121.28%). Relative Strength Index (RSI) of 67.17 indicating the stock is trading slightly below overbought territory. Relative strength is a momentum indicator that measures the magnitude of price changes to evaluate overbought, or oversold conditions. An RSI over 70 is considered overbought, while an RSI below 30 is considered oversold.

Fundamentals

The company has a market capitalization of 102.12 million. They have 24.92 million shares outstanding, with a float of 12.55 million. Co-Diagnostics has trailing twelve month sales of 117.23K with a price to book ratio of 15.66.

In the last 12 months, the company delivered a return on assets of -116.73%, and a return on equity of -370.30%. The trailing twelve month price to sales ratio was valued at 871.06.

Co-Diagnostics has an institutional ownership of 9.24%.

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Where Will The Stock Price Be Next?

Co-Diagnostics (CODX) has been heavily sought out by traders as speculation continues to grow for their proprietary novel Coronavirus test. Management has done a good job dropping news updating the public on the potential of their Coronavirus test. Co-Diagnostics has a 52 week high of $4.40. If the stock manages to break above its previous 52 week high, you can expect traders to take advantage of this momentum for a potential move higher.

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