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.

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sole responsibility for the content and distribution of the foregoing release, which does not contain any previously unpublished or non-public information.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.

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The information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained in this analysis reflect our current judgment and are subject to change without notice. We do not accept any responsibility or liability for any losses, damages or costs arising from an investor’s or other person’s reliance on or use of this analysis. This analysis is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities, nor a recommendation of any security, although members of the BDA may at times hold a position in the company covered within the article. Co-Diagnostics is a client of BDA International. Past gains are not a representative of future gains. The opinions herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plans,” “should,” “potential,” “forecast,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such forward-looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. A company’s actual results could differ materially from those described in any forward-looking statements contained herein. BDA is not a licensed broker, broker dealer, market maker, investment advisor, analyst or underwriter. We recommend that you use the information found herein as an initial starting point for conducting your own research in order to determine your own personal opinion of the companies discussed herein before deciding whether or not to invest. You should seek such investment, tax, financial, accounting or legal advice appropriate for your particular circumstances. Information about many publicly traded companies and other investor resources can be found at www.sec.gov. Investing in securities is speculative and carries risk.

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