is-now-the-time-to-pull-the-trigger-on-co-diagnostics-stock?-this-analyst-says-‘yes’

Is Now the Time to Pull the Trigger on Co-Diagnostics Stock? This Analyst Says ‘Yes’

CODX). Shares are up by a barely believable 1,365% since the turn of the year. Yet, following a disappointing Q2 earnings report, the stock has pulled back by 45% over the past month.” data-reactid=”12″ type=”text”>Success stories in 2020 don’t come much more triumphant than that of molecular diagnostics player Co-Diagnostics (CODX). Shares are up by a barely believable 1,365% since the turn of the year. Yet, following a disappointing Q2 earnings report, the stock has pulled back by 45% over the past month.

So, is now the right time to pull the trigger on CODX shares?

Yi Chen certainly thinks so. Chen reiterated a Buy rating on the stock, alongside a $33 price target. The implication for investors? Potential upside of a massive 153% from current levels. (To watch Chen’s track record, click here)” data-reactid=”14″ type=”text”>H.C. Wainwright analyst Yi Chen certainly thinks so. Chen reiterated a Buy rating on the stock, alongside a $33 price target. The implication for investors? Potential upside of a massive 153% from current levels. (To watch Chen’s track record, click here)

Unlike many other high-flying companies taking the good fight to COVID-19, the small cap diagnostics player already has a marketable product. Namely, its Logix Smart COVID-19 test.

And a successful one at that. As of mid-August, the company has already racked up $50 million’s worth of COVID-19 related sales, and despite the earnings letdown, Co-Diagnostics turned profitable in Q2.

The bullish case was further bolstered on Friday. The company announced it has been awarded a new patent by the U.S. Patent and Trademark Office (USPTO) for its CoPrimer technology used in the Logix Smart test and other molecular diagnostic tests.

Chen notes that CODX’s technology is ideal for a wide array of PCR (polymerase chain reaction) applications. In contrast to traditional primer molecules in PCR, which often give wrong results by interacting with each other rather than the target sequence, CoPrimers’ structure stops this interaction.

The 4-star analyst is in no doubt as to the importance of the patent issuance, and said, “This new patent further validates the uniqueness of the CoPrimer molecule and enhances the original patent obtained in October 2018 that covered certain applications of the CoPrimer molecule. The CoPrimer platform is the critical factor that facilitates the high accuracy of the Logix Smart COVID-19 test and is therefore the underlying factor that has been driving the company’s top-line revenue and profitability… The position of the company’s COVID-19 test in the marketplace is fortified by the new patent, in our view, as the company continues to ship its tests around the globe.”

See CODX stock analysis on TipRanks)” data-reactid=”24″ type=”text”>Overall, only one other analyst has posted a CODX review over the last 3 months, but their findings result in an additional Buy. CODX’s Moderate Buy consensus rating is backed by a $31 average price target and indicates shares will appreciate by a hefty 141% over the next 12 months. (See CODX stock analysis on TipRanks)

Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.” data-reactid=”33″ type=”text”>To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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