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CoDiagnostics, Inc. (CODX) Surges 5.6%: Is This an Indication of Further Gains?

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CoDiagnostics, Inc. (CODX) shares soared 5.6% in the last trading session to close at $5.49. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.3% gain over the past four weeks.

Co-Diagnostics witnessed solid price appreciation following the news wherein the company announced that it has completed the principal design work of a polymerase chain reaction (PCR) test for the monkeypox virus presently displaying a multi-country outbreak.

This company is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of -54.6%. Revenues are expected to be $20.5 million, down 25.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and 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. Progyny (PGNY), another stock in the same industry, closed the last trading session 9.4% higher at $29.70. PGNY has returned -15.4% in the past month.

For Progyny , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. This represents a change of -73.7% from what the company reported a year ago. Progyny currently has a Zacks Rank of #3 (Hold).


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