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Jan. 24, 2020, 8:22 a.m. EST

Co-Diagnostics' stock tumbles after stock sale agreement priced at 29% discount

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By Tomi Kilgore

Shares of Co-Diagnostics Inc. /zigman2/quotes/203329852/composite CODX +9.80% tumbled 16% in premarket trading Friday, after the molecular diagnostics company took advantage of the prior session's big rally to enter into a stock sale agreement. The company said it agreed to sell 3,448,278 shares, representing about 20% of the shares outstanding, to institutional investors at $1.45 a share, which was 28.6% below Thursday's closing price of $2.03 but 28.3% above Wednesday's closing price of $1.13. Co-Diagnostics's stock had rocketed 80% on Thursday on trading volume of 36.1 million shares, after the company said it had "completed principle design work" for a test to screen the Wuhan coronavirus. The stock has nearly doubled (up 99%) over the past three months through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -3.03% has gained 10.5%.

/zigman2/quotes/203329852/composite
US : U.S.: Nasdaq
$ 4.32
+0.39 +9.80%
Volume: 14.44M
Feb. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$107.51 million
Rev. per Employee
$1,864
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/zigman2/quotes/210599714/realtime
US : S&P US
3,128.21
-97.68 -3.03%
Volume: 3.13B
Feb. 25, 2020 4:59p
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