Why Co-Diagnostics Is Soaring Today

Shares of Co-Diagnostics (NASDAQ: CODX) are soaring 15.3% at 11:28 a.m. ET today, after the molecular diagnostics company announced it would buy back $30 million worth of its shares.

While the company says it's under no obligation to actually start or even complete the share repurchase program, investors took to heart that it would begin buying back its severely depressed stock. Shares are down 44% in 2022 and have fallen more than 63% over the past year.

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Source Fool.com