Co-Diagnostics Inc (CODX)

[Opti Mist]

From:https://msmoneymoves.com/daily-trade-insights/

A COVID-19 testing stock we have traded a number of times in 2020, for a refresher and updated findings please see below
CODX is a Utah-based molecular diagnostics company leveraging its proprietary platform ( Logix Smart™) for detecting/analyzing DNA/RNA samples
CODX is also working to refine and produce test kits which can provide an accurate pulse on new variants of COVID-19 which are beginning to emerge
Recently presented at the H.C. Wainwright BioConnect virtual conference
Retraced 65% from its 52-week high of $30.99 set on 8/4/20 with no negative developments and strong commercial performance YTD (~$48M in total sales as of 9/30/20)
As infections continue to grow, demand for CODX products appears to be high with CODX anticipating their highest quarterly sales
CODX is able to deliver competitive PCR-based diagnostic tests at lower price points than its competitors b/c of its proprietary platform which allows the company to avoid paying patent royalties
Received emergency use authorization on 4/3/20 for its COVID-19 tests
CODX was the first U.S-based company to receive a CE mark in the EU for a COVID-19 test
On 9/8/20 CODX entered into an agreement with Arches Research enabling the company to expand the commercial reach of its COVID-19 test kit
Of note, as of 9/30/20, CODX had 90% of its 1M+ warrants exercised leaving ~100K outstanding. CODX’s total cash position was ~$27M
Monitoring to enter on weakness and trade into upcoming earnings and other 2021 catalyst
Support to watch = $11.46
Resistance to watch = $14.95
Risk est = Yellow
PT = $12.50-13+ (0-2 weeks)