Is Co-Diagnostics Stock a Buy?
Shares of Co-Diagnostics (NASDAQ: CODX) have bounced around a bit this year, to say the least.
At the start of the year, you could buy a share in the Salt Lake City-based molecular diagnostics company for less than a dollar. By Aug. 8, the price was $30.80 after the company announced it was working with partner Clinical Reference Laboratory to produce a saliva-based COVID-19 test using Co-Diagnostics' technology. That was a huge deal because it meant people could get an accurate test without an invasive nasal swab.
However, a few days later, after a second-quarter earnings miss, the stock dropped. Less than a month after that, on Sept. 4, the company's shares were down to $8.24. On Friday, they were back up more than 67%, past $12 a share, on the news of its partnership with Arches Research, a subsidiary of Polarity TE (NASDAQ: PTE), to sell Co-Diagnostics' Logix Smart Coronavirus Disease test kit. That bit of good news came after an independent study gave high marks for the accuracy of the Logix Smart test.
Source Fool.com
