Why Co-Diagnostics Stock Is Dropping Today

Shares of molecular diagnostics specialist Co-Diagnostics (NASDAQ: CODX) are dropping sharply on Monday and were down by 10.3% as of 3:01 p.m. EDT, after falling by as much as 12.4% earlier today. There was no company-specific news that caused the sell-off, but we can probably attribute Co-Diagnostics' losses on the market today to bearish commentary from a Wall Street analyst.

Maxim analyst Jason McCarthy downgraded Co-Diagnostics to hold from buy. For what reason? Last year, the company benefited immensely from its coronavirus-related efforts. Co-Diagnostics reported record fourth-quarter 2020 revenue of $27.1 million, largely thanks to its Logix Smart COVID-19 test. For the full fiscal year 2020, which ended on Dec. 31, 2020, the company's top line came in at $74.6 million, compared to the roughly $215,000 it reported during the fiscal year 2019.

Image source: Getty Images.

Source Fool.com