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Strength Seen in CoDiagnostics, Inc. (CODX): Can Its 9.7% Jump Turn into More Strength?
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CoDiagnostics, Inc. (CODX - Free Report) shares ended the last trading session 9.7% higher at $8.62. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3% loss over the past four weeks.
CoDiagnostics witnessed a solid price appreciation following the optimism surrounding its continued development of a point-of-care or at-home polymerase chain reaction (PCR) testing, screening and surveillance platform created for COVID-19 and other infectious diseases. Interestingly, the device can be activated through a smartphone app and provide PCR results directly to the smartphone in approximately 30 minutes. Market is also optimistic about the company’s CE-mark designated Logix Smart SARS-CoV-2 Direct Saliva Test kit, which is now available in markets that recognize the CE mark classification.
This company is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of -46.5%. Revenues are expected to be $21 million, down 12.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For CoDiagnostics, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CODX going forward to see if this recent jump can turn into more strength down the road.
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Strength Seen in CoDiagnostics, Inc. (CODX): Can Its 9.7% Jump Turn into More Strength?
CoDiagnostics, Inc. (CODX - Free Report) shares ended the last trading session 9.7% higher at $8.62. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3% loss over the past four weeks.
CoDiagnostics witnessed a solid price appreciation following the optimism surrounding its continued development of a point-of-care or at-home polymerase chain reaction (PCR) testing, screening and surveillance platform created for COVID-19 and other infectious diseases. Interestingly, the device can be activated through a smartphone app and provide PCR results directly to the smartphone in approximately 30 minutes. Market is also optimistic about the company’s CE-mark designated Logix Smart SARS-CoV-2 Direct Saliva Test kit, which is now available in markets that recognize the CE mark classification.
This company is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of -46.5%. Revenues are expected to be $21 million, down 12.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For CoDiagnostics, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CODX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>