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CoDiagnostics, Inc. (CODX) Surges 13.1%: Is This an Indication of Further Gains?

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CoDiagnostics, Inc. (CODX) shares soared 13.1% in the last trading session to close at $5.69. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 23.2% loss over the past four weeks.

Co-Diagnostics witnessed solid price appreciation following the announcement wherein the Board of Directors has authorized a share repurchase program, which will enable the Company to repurchase up to $30 million of its common stock.

This company is expected to post quarterly earnings of $0.14 per share in its upcoming report, which represents a year-over-year change of -67.4%. Revenues are expected to be $21.5 million, down 20.8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For CoDiagnostics, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CODX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

CoDiagnostics, Inc. is part of the Zacks Medical Services industry. Charles River Laboratories (CRL), another stock in the same industry, closed the last trading session 1.5% higher at $259.23. CRL has returned -22% in the past month.

Charles River's consensus EPS estimate for the upcoming report has changed -1.5% over the past month to $2.70. Compared to the company's year-ago EPS, this represents a change of +6.7%. Charles River currently boasts a Zacks Rank of #3 (Hold).

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