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.

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