H.C. Wainwright and Maxim Group Estimate Nearly 95% Upside for CODX
New York City, May 13, 2019 (GLOBE NEWSWIRE) -- H.C. Wainwright and Maxim Group Estimate Nearly 95% Upside for CODX
New York City, New York – Analysts from H.C. Wainwright and Maxim Group have both given BDA International client company Co-Diagnostics (Nasdaq: CODX) a “Buy” rating in the past few weeks, with an estimated price target nearly double its previous close of $1.03.
The reports included an in-depth analysis of the molecular diagnostics company’s technology, the quality and novelty of their intellectual property, its validation by the LGC partnership, and solutions that it will provide for various diagnostics markets (e.g. infectious disease, agriculture, cancer detection/liquid biopsy, the size and scope of the Indian healthcare market, etc). The size of these markets and abilities to make inroads to generate revenue are also considered, along with the company’s relatively low opex and capital-efficient operations.
Both Wall Street analysts initiated coverage following a recent capital raise and other financing activity that saw Co-Diagnostics eliminate its debt and put enough cash in the bank to provide at least a year’s worth of runway. Prior to the coverage and capital raise, the Vanguard Group Inc hedge fund grew its position in Co-Diagnostics stock by 18.7% during the Q3 2018, according to its most recent 13F filing with the Securities and Exchange Commission (SEC).
With the stock currently trading close to its 52-week low of $0.90, the $2.00 price target represents substantial upside potential and supports the “Buy” rating for those investors on the lookout for underperforming, pre-breakout NASDAQ stocks.
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