Analyst Yi Chen of H.C. Wainwright & Co. reiterated his ‘buy’ coverage on Co-Diagnostics , 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.
Disclosure: Co-Diagnostics Inc is a client of BDA International.
About BDA International, Inc.:
BDA International is an independent global Investor Relations firm offering a wide range of IR-related analysis, research and advisory services. In particular, we provide and are compensated for service packages that include strategic action plans and investor/market perception studies to help entities improve communication with customers and investors, and to increase their visibility. BDA International has received no direct compensation related to this release but its principles hold shares of client companies in our personal portfolios, including CODX. BDA International accepts sole responsibility for the content and distribution of the foregoing release, which does not contain any previously unpublished or non-public information. Parties interested in learning more about the relationship between BDA and CODX may do so via the contact information at the bottom of this release.
Investor Relations Contact:
Mushtaq Dost
BDA International
www.bda-ir.com
dost@bda-ir.com
Contact Information:
MushtaqDost
BDA International
www.bda-ir.com
Tags:
, Wire, Disclosure Newswire, United States, English
Contact Information:
Mushtaq Dost
BDA International
www.bda-ir.com
