New York City, May 28, 2020 (GLOBE NEWSWIRE) -- Analysts from H.C. Wainwright, Maxim Group and Litchfield Hills have all upgraded or reiterated Co-Diagnostics (NASDAQ: CODX) as “Buy” rating in the past two weeks. The 3 analysts offering 12-month price forecasts for Co-Diagnostics Inc have a median target of 35.00, with a high estimate of 36.00 and a low estimate of 30.00. The median estimate represents a +99.32% increase from yesterday's closing price of $17.56.
Courtesy: webull.com
The company has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.
Shares in the company jumped last Friday on the back of Litchfield Hills Research increasing its price target for Co-diagnostics to $36, making yesterday’s closing price an attractive entry point for interested investors. The analysts reached this consensus after expected first-quarter revenue went beyond estimates due to demand for the company’s COVID-19 testing kits.
Litchfield believe that the market for coronavirus tests in the U.S is worth $52 billion and that that roughly 100 million people will need to be tested weekly to prevent future breakouts.
Litchfield were not alone: Maxim Group upgraded its rating on Co-Diagnostics to 'Buy' from 'Hold' also citing growing demand for the company’s coronavirus diagnostic test.
Analysts at Maxim raised their revenue forecast for the company and set a price target of $30 stating their belief that Co-Diagnostics’ Logix Smart COVID-19 test kits have been “transformative for the company.”
H.C. Wainwright, on the other hand, stated in their research note that they expect to see CODX stock at the price of $35, previously predicting a value of $20. The rating they have provided for CODX stocks is “Buy” according to the report published on May 18, 2020.
“We project that 2020 would be a profitable year for Co-Diagnostics,” HC Wainwright wrote. “We believe the growth in testing revenue could be driven by the need to test asymptomatic populations in order to allow those people to go back to work as the world’s economies reopen, as well as symptomatic subjects in hospitals. In addition, a potential second wave of COVID-19 in the coming fall/winter season may demand testing throughout the year into 2021.”
As Co-Diagnostics revealed in the earnings report it delivered two weeks ago, sales of the Logix Smart CODIV-19 test helped lift its total revenue to $1.5 million during the first quarter and $18 million year-to-date, but analysts following the company expect enormous gains from there when the company reports on Q2. Co-Diagnostics has boosted production capacity at its main facility in Salt Lake City and at a plant in India as part of a joint venture, and even engaged third party manufacturing support to meet soaring demand. Analysts note that the Logix Smart test has been independently verified multiple times. With distribution across 15 U.S. states, plus dozens of countries around the world eager to contain their own COVID-19 outbreaks, sales of the company's molecular diagnostic could pass $80 million in 2020.
Disclosure: Co-Diagnostics Inc is a client of BDA International.
About BDA International, Inc.:
BDA International is an independent global Investor Relations firm offering a wide range of IR-related analysis, research and advisory services. In particular, we provide and are compensated for service packages that include strategic action plans and investor/market perception studies to help entities improve communication with customers and investors, and to increase their visibility. BDA International has received no direct compensation related to this release but its principles hold shares of client companies in our personal portfolios, including CODX. BDA International accepts sole responsibility for the content and distribution of the foregoing release, which does not contain any previously unpublished or non-public information. Parties interested in learning more about the relationship between BDA and CODX may do so via the contact information at the bottom of this release.
Disclaimer
The information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained in this analysis reflect our current judgment and are subject to change without notice. We do not accept any responsibility or liability for any losses, damages or costs arising from an investor’s or other person’s reliance on or use of this analysis. This analysis is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities, nor a recommendation of any security, although members of the BDA may at times hold a position in the company covered within the article. Co-Diagnostics is a client of BDA International. Past gains are not a representative of future gains. The opinions herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plans,” “should,” “potential,” “forecast,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. A company’s actual results could differ materially from those described in any forward-looking statements contained herein. BDA is not a licensed broker, broker dealer, market maker, investment advisor, analyst or underwriter. We recommend that you use the information found herein as an initial starting point for conducting your own research in order to determine your own personal opinion of the companies discussed herein before deciding whether or not to invest. You should seek such investment, tax, financial, accounting or legal advice appropriate for your particular circumstances. Information about many publicly traded companies and other investor resources can be found at www.sec.gov. Investing in securities is speculative and carries risk.
Investor Relations Contact:
Mushtaq Dost
BDA International
dost@bda-ir.com