Why Shares of Co-Diagnostics Stock Fell 10% on Tuesday
Co-Diagnostics (NASDAQ: CODX), a maker of molecular diagnostics tests, fell 10% on Tuesday. The stock closed at $7.01 a share on Monday, then opened at $6.95 on Wednesday before dropping to a low of $6.30 shortly before 2 p.m. ET. Co-Diagnostics has a 52-week low of $3.66 and a high of $11.82.
The stock is down more than 29% so far this year. It's worth noting that it was a bad day, in general, for biotech stocks, with the S&P Biotech ETF (NYSEMKT: XBI) down nearly 4%.
Investors may have been skittish about the company's upcoming second-quarter earnings report, which is scheduled to be released Thursday, after market close. They may have decided to take profits after the stock reached $7.13 on Monday, its highest point since February.
Source Fool.com
