New York City, July 14, 2020 (GLOBE NEWSWIRE) -- Analyst Yi Chen of H.C. Wainwright & Co. reiterated his ‘buy’ coverage on Co-Diagnostics (NASDAQ:CODX), the Utah-based molecular diagnostics company, maintaining his price target of $35.

Highlight of the report include:

COVID-19 spikes and testing backlog suggest growing testing demand ahead. Last week, the U.S. broke its prior single-day COVID-19 record by registering over 66,000 new cases, according to a Johns Hopkins University tracker.   The U.S. now has roughly 3.3M accumulative cases and over 135K COVID-19 patients have died.

The report suggests that testing demand has been steadily increasing and is likely to continue to remain at a substantial level in the coming quarters. Dr. Chen quotes the Wall Street Journal stating that the COVID-19 testing system is reaching the brink in the U.S. as growing demand surpasses what the nation’s labs can handle, resulting in supply shortages and backlogs.

With India seeing record cases too, the analyst sees demand though the company’s joint venture, CoSara, with manufacturing facilities located in India.

In the wake of the accelerating COVID-19 spread, H.C. Wainwright reiterate their Buy rating and $35 price target.

Full report can be found here.

Disclosure: Co-Diagnostics Inc is a client of BDA International.

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