H.C. Wainwright reiterates ‘Buy’ for Co-Diagnostics (NASDAQ:CODX) with a $35 Price Target as COVID-19 Surge Boosts Testin...
July 14 2020 - 7:30AM
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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