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Fly News Breaks for February 24, 2020
Feb 24, 2020 | 07:17 EDT
H.C. Wainwright analyst Yi Chen raised the firm's price target on Co-Diagnostics to $4 from $2 and keeps a Buy rating on the shares. The company last week announced that its Logix Smart COVID-19 screening test had been submitted for registration with the European Commission for CE in vitro diagnostic approval, Chen tells investors in a research note. Considering the rapid development timeline for the COVID-19 test and the additional potential revenue stream from this test, Chen increased Co-Diagnostics' enterprise value-to-sales multiple to 10 times from 5.7 times and projected 2020 total sales to 40c from 32c per share.
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