CODX Stock Summary and Trading Ideas (Co-Diagnostics | NASDAQ:CODX)

Co-Diagnostics Inc is a molecular diagnostics company. It develops, licenses, and commercializes molecular technologies such as lab systems (MDx device) and manufacture and sell reagents used for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). CDI's low-cost system uses its tests to diagnose tuberculosis, Zika, hepatitis B and C, Malaria, dengue and HIV.The Company's technologies are utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests for its Co-Dx PCR platform and to locate genetic markers for use in applications other than infectious diseases.

Co-Diagnostics trades on the NASDAQ stock market under the symbol CODX.

As of April 24, 2024, CODX stock price declined to $1.14 with 32,978 million shares trading.

CODX has a beta of 1.40, meaning it tends to be more sensitive to market movements. CODX has a correlation of 0.05 to the broad based SPY ETF.

CODX has a market cap of $35.64 million. This is considered a Sub-Micro Cap stock.

Last quarter Co-Diagnostics reported $4 million in Revenue and -$.50 earnings per share. This fell short of revenue expectation by $-65,000 and missed earnings estimates by -$.30.

In the last 3 years, CODX stock traded as high as $11.82 and as low as $.98.

The top ETF exchange traded funds that CODX belongs to (by Net Assets): VTI, VXF, IWC.

CODX has underperformed the market in the last year with a price return of -21.4% while the SPY ETF gained +24.2%. CODX has also underperformed the stock market ETF in the last 3 month and 2 week periods returning -10.2% and -10.2%, respectively, while the SPY returned +4.6% and -2.7%, respectively.

CODX support price is $1.11 and resistance is $1.19 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that CODX stock will trade within this expected range on the day.